Fitch Ratings Rates Hyundai Auto Receivables Trust 2006-A.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch rates Hyundai Auto Receivables Trust 2006-A as follows: -- $200,000,000 class A-1 4.838% asset-backed notes 'F1+'; -- $258,000,000 class A-2 5.13% asset-backed notes 'AAA'; -- $208,000,000 class A-3 5.13% asset-backed notes 'AAA'; -- $156,700,000 class A-4 5.26% asset-backed notes 'AAA'; -- $28,200,000 class B 5.29% asset-backed notes 'AA+'; -- $37,600,000 class C 5.34% asset-backed notes 'A'; -- $32,900,000 class D 5.52% asset-backed notes 'BBB'. Fitch's ratings on the notes are based upon their respective levels of subordination; the specified credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing amount, which consists of funds in the reserve account, overcollateralization; and the yield supplement overcollateralization amount (YSOA YSOA Yale School of Architecture ). All ratings reflect the transaction's sound legal structure, the quality of the retail auto receivables originated by Hyundai Motor Finance Company, and the strength of Hyundai Motor Finance Company as servicer. The collateral securing the notes consists of simple interest retail installment sales Installment sale The sale of an asset in exchange for a specified series of payments (the installments). installment sale A sale in which the buyer is scheduled to make a series of payments over a period of time. contracts secured by new and used automobiles and light-duty trucks to prime borrowers. Similar to the 2005-A, the pool contains a percentage of loans financing the purchase of Kia vehicles. Initial credit enhancement equal 13.00% for the class A notes (consisting of 10.50% subordination, 2.00% OC and a 0.50% reserve account), 10.00% for the class B notes (7.50% subordination, 2.00% OC and 0.50% reserve), 6.00% for the class C notes (3.50% subordination, 2.00% OC and 0.50% reserve), and 2.50% for the class D notes (2.00% OC and 0.50% reserve). The YSOA is sized to compensate for receivables in the pool with interest rates below 10.00%, raising the pool's estimated effective spread to approximately 10.6% per annum Per annum Yearly. . Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, 'www.fitchratings.com'. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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