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Fitch: U.S. Auto ABS Show Further Improvements in April.

NEW YORK -- Following seasonal patterns, U.S. auto ABS continued to show improving performance on a month-over-month basis in April as both the 60+ day delinquency and annualized net loss (ANL) indexes showed improvement, according to Fitch Ratings.

Delinquencies on both the prime and subprime auto ABS indexes dropped 8.5% and 13.5% in April over March's levels, respectively. The ANL indexes exhibited improvements in April as the prime ANL dropped 5% while the subprime index improved 6%, compared with March figures.

Fitch's subprime 60+ day delinquency index improved to 1.91% in April, but was close to 15% higher than the levels in 2006. Although the index did post higher year-over-year figures in April versus April 2006, losses recorded were the second lowest level ever posted in the past 10 years behind that of April 2006. In the prime sector, 60+ days delinquencies fell to 0.43% in April, and were unchanged from April 2006.

The subprime ANL index exhibited solid improvement in April versus March as we continue to see the seasonal performance progress. The ANL index dropped to 4.47%, the lowest level since July 2006. The prime ANL index also produced continued improvement on a month-over-month basis and fell to 0.74% in April. As compared to April 2006, the prime ANL index is 6% higher this year.

$4.48 billion worth of auto ABS issuance (auto loan, lease, rental, floorplan, motorcycle, and truck loans) was issued in April in four transactions. Total year-to-date 2007 issuance was at $19.24 billion, 17% below April 2006's level.

Fitch's 'In the Auto ABS Driver's Seat' will now be a quarterly publication that will be available at the end of second quarter-2007 on the Fitch Ratings web site at www.fitchratings.com.

Fitch's rating definitions and the terms of use 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 are also available from the 'Code of Conduct' section of this site.
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Publication:Business Wire
Date:May 17, 2007
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