Printer Friendly

GMAC 1992-G CLASS A ASSET BACKED CERTIFICATES RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Nov. 19 ~PRNewswire~ -- GMAC 1992-G Grantor Trust, $1.3 billion 4.30 percent asset backed certificates, Class A, are rated "AAA" by Fitch. The "AAA" rating is based on the excellent quality of the underlying receivables, the level of subordination, an abundant level of excess servicing, and the servicing capabilities of General Motors Acceptance Corp. In addition, prioritization of cash receipts and the legal structure provide for timely payment of principal and interest to the certificateholders.
 The certificates are secured by loans to finance new and used automobiles and light trucks originated on or after Jan. 1, 1988, and having original terms up to 60 months. The pool contains receivables with payments past due of up to 29 days. However, the additional risk associated with used vehicles and delinquent payments is mitigated by the pool's seasoning. The weighted average seasoning is an extremely strong 36 months, demonstrating the borrowers' willingness and ability to make the monthly payments. Moreover, since the maximum original term is only 60 months, seasoning provides for a greater reduction in the loan balance, thereby reducing the loss exposure in the event of a borrower default. The pool is geographically well diversified, with concentrations of 13 percent in Texas, 13 percent in California, 6 percent in New York, and 6 percent in Illinois, respectively.
 Credit enhancement will be provided by a 5.50 percent subordinated class and a subordination spread account for liquidity. Given the 36 months of seasoning, the very high level of excess spread and excellent performance of previously issued GMAC transactions, the subordination provides substantial loss protection for the "AAA" rating. In fact, the level of subordination for this transaction is lower than the 6.0 percent level for GMAC 1992-B, which had almost identical characteristics. The difference in subordination is due to the higher level of excess spread of 7.50 percent in this transaction compared to 6.0 percent for GMAC's 1992-B.
 -0- 11~19~92
 ~CONTACT: Suzanne Mistretta, 212-908-0637, or Carol Pfeiffer, 212-908-0534, both of Fitch~


CO: General Motors Acceptance Corp. ST: IN: AUT SU: RTG

GK -- NY054 -- 2846 11~19~92 11:46 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 19, 1992
Words:356
Previous Article:E&B MARINE INC. PURCHASES CERTAIN ASSETS FROM WHARF CORPORATION
Next Article:'SHORT-STAFFER' LIST RELEASED ALONG WITH NEW IMPACT STUDIES; SEIU TO PENNSYLVANIA NURSING HOME INDUSTRY: STOP SKIRTING STAFFING REGULATIONS


Related Articles
GMAC 1992-A CLASS A ASSET BACKED CERTIFICATES RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
GMAC 1992-B CLASS A ASSET-BACKED CERTIFICATES RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
GMAC 1992-D CLASS A ASSET BACKED CERTIFICATES RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
RESIDENTIAL FUNDING MORTGAGE CERTIFICATES 1992-S19 RATED 'AAA/AA' BY FITCH -- FITCH FINANCIAL WIRE --
RESIDENTIAL FUNDING MORTGAGE CERTIFICATES 1992-S2 4 RATED 'AAA/AA' BY FITCH -- FITCH FINANCIAL WIRE --
GMAC 1992-E CLASS A ASSET BACKED CERTIFICATES RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
RESIDENTIAL FUNDING MORTGAGE CERTIFICATES 1992-S28 RATED 'AAA/AA' BY FITCH -- FITCH FINANCIAL WIRE --
RESIDENTIAL FUNDING MORTGAGE CERTIFICATES 1992-S26 RATED 'AAA/AA' BY FITCH -- FITCH FINANCIAL WIRE --
GMAC 1992-F CLASS A ASSET BACKED CERTIFICATES RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
RESIDENTIAL FUNDING MORTGAGE CERTIFICATES 1992-S33 RATED 'AAA/AA' BY FITCH -- FITCH FINANCIAL WIRE --

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters