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PREMIER AUTO TRUST 1993-4 MONEY MARKET NOTES 'AAA/F-1+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Aug. 11 /PRNewswire/ -- Premier Auto Trust's 1993-4 $287.5 million class A-1 3.425 percent money market notes are rated "AAA/F-1+" by Fitch, and $912.5 million class A-2 4.65 percent asset- backed notes are rated "AAA." In addition, Premier Auto Trust's 1993-4 $50 million asset-backed certificates are rated "A+." The ratings are based primarily on the characteristics of the retail auto receivables originated by Chrysler Credit Corp. as well as funds in the reserve account and excess spread. The rating also reflects the adequacy of the receivables' cash flow to pay timely principal and interest and the extremely remote likelihood that a Chrysler bankruptcy would delay payments to noteholders or certificateholders.
 The receivables consist of installment sale contracts secured by new and used automobiles and light duty trucks. Approximately 86 percent of the pool is secured by new and previously owned current model year vehicles. Although the loan pool has little seasoning and accounts up to 90 days past due are included, Fitch expects this pool to perform as well as previously securitized pools since the underlying characteristics are similar. The pool is well diversified with 12.6 percent located in Texas, 10.9 percent in California, 6.1 percent in New York, and 5.6 percent in Pennsylvania, and 4.8 percent in Michigan. At closing, no other state accounted for more than 4.5 percent of the initial pool balance.
 Principal and interest on the notes and certificates will be distributed on the second business day of each month. Amounts to be distributed will be determined on the preceding business day. Distributions of interest will be based on the weighted average loan rate of the pool multiplied by the receivable balance at the beginning of the month. Amounts allocated to principal will equal the balance in the collection account less the interest allocation. Actual amounts will be reconciled on the 15th of each month and adjustments will be made in the succeeding months' payment. In the event that amounts in the collection account allocable to principal are insufficient to cover payments due on the money market final maturity date or class A-2 notes and certificates final maturity date, withdrawals will be made from the reserve account on the relevant distribution date.
 Credit enhancement for the notes will be supported by the 4 percent subordination provided by the certificates, a 1.70 percent up-front cash deposit in the reserve account, and build-up of overcollateralization from the application of excess spread, initially well over 490 basis points (bps). Fitch lowered its loss coverage to 8.0 percent for "AAA" and 4.5 percent for "A" reflecting Fitch's recent upgrade of Chrysler Financial Corp. (CFC) to "BBB" as well as CFC's proven track record and exceptional asset quality. Under Fitch's "AAA" stress scenario both classes of notes survived. The certificates, benefitting from the reserve account and overcollateralization, survived Fitch's "A" stress scenario. When the overcollateralization reaches 4.5 percent, the reserve fund will be reduced to 0.75 percent of the original pool balance. Because the credit enhancement level for the certificates will build to 5.25 percent, Fitch believes that the certificates have an "A+" level of protection.
 An initial deposit will be made to the pre-funding account equal to approximately $899 million to purchase receivables within six months after closing. Delivery of new receivables may take place as frequently as daily.
 -0- 8/11/93
 /CONTACT: Suzanne Mistretta, 212-908-0637 or Rita Duggan, 212-908-0628, of Fitch/


CO: Premier Auto Trust ST: IN: AUT SU: RTG

LG -- NY072 -- 1732 08/11/93 13:50 EDT
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Publication:PR Newswire
Date:Aug 11, 1993
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