Fitch Upgrades Goldman Sachs Auto Loan Trust 2005-1.CHICAGO -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. upgrades two classes and affirms one class of Goldman Sachs Auto Loan Trust 2005-1, as follows: --Class A notes affirmed at 'AAA'; --Class B notes upgraded to 'A+' from 'A'; --Class C notes upgraded to 'BBB+' from 'BBB'. The rating actions are a result of continued available 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 in excess of stressed remaining losses and the attainment of class credit enhancement targets. Current principal allocation and expected future cash flows Expected future cash flows Projected future cash flows associated with an asset. are also contributing factors. The collateral continues to perform within Fitch's base case expectations. Currently, under the credit enhancement structure, the securities can withstand stress scenarios consistent with the ratings assigned and still make full payments of interest and principal in accordance with the terms of the documents. As before, the ratings on the notes are based on their respective levels of credit. All ratings reflect the transaction's sound legal structure and the high quality of the retail auto receivables originated and serviced by Huntington National Bank, Ford Motor Credit Co., Ohio Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. , and System and Services Technologies, Inc. The securities are backed by a pool of prime retail installment sales contracts secured by new and used automobiles and light duty trucks from a diverse pool of manufacturers originated by Ford Motor Credit Co., Huntington National Bank, and Ohio Savings Bank. 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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