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FITCH AFFIRMS 'AAA' ON CREDIT SUISSE SUPPORTED CFC-8 TRANSACTION -- FITCH FINANCIAL WIRE --

 NEW YORK, Jan. 12 /PRNewswire/ -- Fitch affirms its 'AAA' rating on CFC-8 Grantor Trust 9.5 percent asset-backed certificates. Because Credit Suisse is the letter of credit (LOC) provider for the transaction, the affirmation is in response to the placement of Credit Suisse on FitchAlert with evolving implications. The letter of credit provides loss protection in an amount equal to 9 percent of the outstanding receivable balance.
 Currently, the retail auto loan pool has a weighted average maturity of approximately 20 months and a weighted average annual percentage rate of 14.25 percent. The servicing fee is only 25 basis points and the pass-through rate is 9.50 percent. Therefore, excess servicing of 4.50 percent is available on a monthly basis to cover delinquencies and losses. Although the excess cash is released from the transaction, it is only after the monthly interest, principal and servicing fee requirement is paid. In addition, the pool is seasoned almost 3 years, cumulative losses through November 1992 totalled 1.89 percent of the original pool balance and no draws have been made on the LOC so far.
 Because of the strong pool characteristics and availability of monthly excess cash to cover losses, Fitch believes that CFC-8 will retain 'AAA' loss protection, irrespective of any future rating action that may result in a change in Credit Suisse's long term rating.
 -0- 1/12/93
 /CONTACT: Suzanne Mistretta, 212-908-0637, of Fitch/


CO: Credit Suisse ST: New York IN: FIN SU: RTG

LR -- NY090 -- 4029 01/12/93 12:32 EST
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Publication:PR Newswire
Date:Jan 12, 1993
Words:255
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