Correction - Fitch Takes Rating Actions on FMAC Franchise Transactions

CHICAGO--(Business Wire)--
(This replaces the release that went out on March 20, 2009; it corrects the
ratings of the series 1996-A, 1997-B, and 1998-C.)

Fitch Ratings has taken the following rating actions on FMAC Loan Receivables
Trusts as listed below:

Series 1996-A

--Class A-1 IO affirmed at 'AAA';

--Class B-1 revised to 'D/RR6' from 'C/DR6';

--Class B-2 revised to 'D/RR6' from 'C/DR6';

--Class C-1 revised to 'D/RR6' from 'C/DR6';

--Class C-2 revised to 'D/RR6' from 'C/DR6'.

Series 1996-B

--Class A-X remains at 'C';

--Class A-1 revised to 'C/RR3' from 'C/RR1';

--Class A-2 revised to 'D/RR3' from 'C/RR3';

--Class B revised to 'D/RR6' from 'C/DR6';

--Class C revised to 'D/RR6' from 'C/DR6';

--Class D revised to 'D/RR6' from 'C/DR6';

--Class E revised to 'D/RR6' from 'C/DR6'.

Series 1997-A

--Class A-X affirmed at 'AA';

--Class B upgraded to 'AA' from 'A';

--Class C affirmed at 'BB';

--Class D revised to 'D/RR2' from 'C/DR2'

--Class E revised to 'D/RR6' from 'C/DR6';

--Class F revised to 'D/RR6' from 'C/DR6'.

Series 1997-B

--Class A-X affirmed at 'B';

--Class A affirmed at 'B' and 'DR1' removed;

--Class B revised to 'D/RR2' from 'C/RR3';

--Class C revised to 'D/RR6' from 'C/DR6';

--Class D revised to 'D/RR6' from 'C/DR6';

--Class E revised to 'D/RR6' from 'C/DR6';

--Class F revised to 'D/RR6' from 'C/DR6'.

Series 1997-C

--Class A-X affirmed at 'BBB';

--Class B revised to 'D/RR2' from 'C/DR1';

--Class C revised to 'D/RR6' from 'C/DR6';

--Class D revised to 'D/RR6' from 'C/DR6';

--Class E revised to 'D/RR6' from 'C/DR6';

--Class F revised to 'D/RR6' from 'C/DR6'.

Series 1998-A

--Class A-X remains at 'C';

--Class A-2 revised to 'C/RR3' from 'C/RR2';

--Class A-3 revised to 'D/RR3' from 'C/RR2'

--Class B revised to 'D/RR6' from 'C/DR6';

--Class C revised to 'D/RR6' from 'C/DR6';

--Class D revised to 'D/RR6' from 'C/DR6';

--Class E revised to 'D/RR6' from 'C/DR6';

--Class F revised to 'D/RR6' from 'C/DR6'.

Series 1998-B

--Class A-X remains at 'C';

--Class A-2 revised to 'D/RR1'from 'C/RR1';

--Class B revised to 'D/RR6' from 'C/DR6';

--Class C revised to 'D/RR6' from 'C/DR6';

--Class D revised to 'D/RR6' from 'C/DR6';

--Class E revised to 'D/RR6' from 'C/DR6';

--Class F revised to 'D/RR6' from 'C/DR6'.

Series 1998-C

--Class A-X affirmed at 'BB';

--Class A-2 affirmed at 'BB';

--Class A-3 affirmed at 'BB';

--Class B affirmed at 'B-' and 'DR1' is removed;

--Class C revised to 'D/RR3' from 'C/DR6';

--Class D revised to 'D/RR6' from 'C/DR6';

--Class E revised to 'D/RR6' from 'C/DR6';

--Class F revised to 'D/RR6' from 'C/DR6'.

Series 1998-D

--Class A-3 affirmed at 'AAA' and placed on Rating Watch Negative.

Note: Class A-3 is affirmed and placed on Rating Watch Negative based on the
strength of an FSA insurance policy. FSA is currently rated 'AAA' and on Rating
Watch Negative by Fitch.

The upgrade on the class B note in the 1997-A transaction is a result of the
significant credit support available over its short expected remaining life.
Additionally, Fitch anticipates limited near-term loss within the pool. In its
analysis, detailed below, Fitch found credit support for the class B to be
commensurate with the upgraded rating after the application of expected losses.

For the remaining transactions, in its analysis, Fitch found credit support to
be consistent with when the transaction was last reviewed while recovery
prospects for the distressed notes had changed, leading to an affirmation of all
long-term ratings and the revisions to the Recovery Ratings.

Fitch's analysis incorporated anticipated losses on defaulted collateral given
the servicer's and Fitch's recovery expectations. Fitch's recovery expectations
are based on historical collateral-specific recoveries experienced in the
franchise Asset Backed Securities (ABS) sector. The resulting anticipated
collateral losses were then applied to the transaction structure, enabling Fitch
to assess the impact of the losses on the securities and available credit
enhancement.

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.

Fitch Ratings, Chicago
Juveria Mozaffar, 312-606-2335
Bradley Sohl, 312-368-3127
or
Media Relations:
Sandro Scenga, 212-908-0278, New York
Email: sandro.scenga@fitchratings.com

Copyright Business Wire 2009