TEXT-S&P various actions on 182 U.S. rtgs after Ambac downgrade
(The following statement was released by the rating agency)
-- We reviewed 181 Ambac-insured U.S. ABS classes following the recent downgrade of the monoline insurer.
-- We lowered 63 ratings and placed 39 of the lowered ratings on CreditWatch negative.
-- We placed 12 other ratings on CreditWatch negative.
-- We affirmed our ratings on 106 classes.
July 8 - Standard & Poor's Ratings Services today took various actions on 181 U.S. asset-backed securities (ABS) classes following the June 24, 2009, lowering and CreditWatch placement of the financial strength rating on Ambac Assurance Corp. (Ambac; BBB/Watch Neg/--) (for more information, see "S&PCORRECT: Ambac Assurance Corp. Ratings Lowered To 'BBB' And Placed On CreditWatch Negative").
We lowered our ratings on 63 U.S. ABS classes and placed 39 of these 63 ratings on CreditWatch with negative implications. In addition, we placed an additional 12 ratings on CreditWatch with negative implications without changing the current rating.
Furthermore, we affirmed our ratings on 106 other U.S. ABS classes (see list). Overall, the actions affect 145 student loan ratings, 13 auto loan ratings, 12 rental car ratings, and 11 manufactured housing ratings. Standard & Poor's is currently analyzing its outstanding ratings on approximately 200 other U.S. ABS classes that benefit from full financial guarantees from Ambac. Most of these classes are backed by student loan collateral, and any rating actions related to these classes will be discussed in a separate press release.
For each affected class, Ambac provides a full financial guarantee insurance policy guaranteeing full payments of principal and interest to the noteholders.
Under our criteria, the issue credit rating on a fully credit-enhanced bond issue is the higher of the two ratings: the rating on the credit enhancer or the Standard & Poor's underlying rating (SPUR) on the class. A SPUR is our opinion of the stand-alone creditworthiness of an obligation--that is, the capacity to pay debt service on a debt issue in accordance with its terms--without considering an otherwise applicable bond insurance policy.
We placed 39 of the 63 ratings being lowered on CreditWatch with negative implications.
These 39 ratings affect 26 student loan classes, 12 rental car classes, and one auto loan class. The additional 24 lowered ratings affect 11 manufactured housing classes, nine auto loan classes, and four student loan classes. We also placed our ratings on 12 classes related to one student loan issuer on CreditWatch with negative implications
Lastly, we affirmed 106 ratings on 103 student loan classes and three auto loan classes. RATINGS LOWERED Capital One Auto Finance Trust 2006-A
Rating Collateral Series Class To From Auto Loan 2006-A A-4 BBB A Capital One Auto Finance Trust 2007-A Auto Loan 2007-A A-3-A BBB A Auto Loan 2007-A A-3-B BBB A Auto Loan 2007-A A-4 BBB A Triad Automobile Receivables Trust 2006-C
Rating Collateral Class To From Auto Loan A-3 BBB A Auto Loan A-4 BBB A UPFC Auto Receivables Trust
Rating Collateral Series Class To From Auto Loan 2006-B A-3 BBB A Auto Loan 2007-B A-2 BBB A Auto Loan 2007-B A-3 BBB A CountryPlace Manufactured Housing Contract Trust
Rating Collateral Series Class To From Manufactured Housing 2005-1 A-2 BBB A Manufactured Housing 2005-1 A-3 BBB A Manufactured Housing 2005-1 A-4 BBB A Manufactured Housing 2007-1 A-2 BBB+ A Manufactured Housing 2007-1 A-3 BBB+ A Manufactured Housing 2007-1 A-4 BBB+ A Origen Manufactured Housing Contract Trust 2006-A
Rating Collateral Series Class To From Manufactured Housing 2006-A A-1 BBB A Manufactured Housing 2006-A A-2 BBB A Origen Manufactured Housing Contract Trust Collateralized Notes 2007-A
Rating Collateral Series Class To From Manufactured Housing 2007-A A-1 BBB A Manufactured Housing 2007-A A-2 BBB A Origen Manufactured Housing Contract Trust Collateralized Notes 2007-B
Rating Collateral Series Class To From Manufactured Housing 2007-B A BBB A National Collegiate Student Loan Trust 2007-3 (The)
Rating Collateral Series Class To From Student Loan 2007-3 A-IO BBB+ A National Collegiate Student Loan Trust 2007-4 (The)
Rating Collateral Series Class To From Student Loan 2007-4 A-IO BBB+ A California Education Facilities Authority 1998
Rating Collateral Class To From Student Loan Sr BBB A Missouri Hgr Ed Ln Auth 1988A
Rating Collateral Class To From Student Loan 1988A BBB A
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