TEXT - Fitch rates Santander Consumer 07-1, 09-1 and 10-1
(The following statement was released by the rating agency) Feb 6 - Fitch Ratings has upgraded Santander Consumer Spain Auto 07-1 FTA (07-1), Santander Consumer 09-1 FTA (09-1) and Santander Consumer 10-1 FTA's (10-1) ratings. A full list of rating actions is at the end of this comment. The upgrade of 07-1 and 10-1's class B and C notes reflects both an improvement in the performance of the underlying pools and an increase in the available credit support. Fitch believes both transactions will continue to benefit from deleveraging, resulting in further increases in available credit enhancement in future periods. Arrears have displayed stable trends for both transactions over the past two years. As of the most recent interest payment date (IPD), 30 days-past-due delinquencies stood at 8.2% and 2.9% for 07-1 and 10-1 respectively, with delinquencies for 07-1 recording a 3.2% decline from their peak in June 2009. As a result, excess spread trends have remained healthy and Fitch expects the reserve fund to continue to increase for 07-1. The reserve for 10-1 has remained fully funded since closing. Santander Consumer Spain 09-1 displayed less positive trends on the most recent IPD with delinquencies beginning to increase and the reserve fund being drawn for the first time since closing. The upgrade of the class B notes reflects the significant deleveraging which has occurred since closing. However, the recent reserve fund draw may have an impact on the future performance of the lower tranches and will need to be monitored. The ratings of the senior tranches for each deal are capped by a five-notch uplift from Spain's sovereign rating ('BBB'/Negative/'F2'), despite the positive performance trends of the underlying pools and the considerable credit enhancement. The rating actions are as follows: Santander Consumer Spain Auto 07-1, FTA: EUR77.1m class A: affirmed at 'AA-sf'; Outlook Negative EUR78m class B: upgraded to 'Asf' from 'BBB+sf'; Outlook Stable EUR20m class C: upgraded to 'BBBsf' from 'BBsf'; Outlook Stable EUR40m class D: affirmed at 'CCsf'; Recovery Estimate revised from 50% to 80%. Santander Consumer Spain 09-1, FTA: EUR73.6m class A: affirmed at 'AA-sf'; Outlook Negative EUR99.4m class B : upgraded to 'A+sf' from 'Asf' ; Outlook Stable EUR37.8m class C: affirmed at 'BBBsf'; Outlook Stable EUR35.7m class D: affirmed at 'CCCsf'; Recovery Estimate 70%. Santander Consumer Spain 10-1, FTA: EUR162.6m class A: affirmed at 'AA-sf'; Outlook Negative EUR57.0m class B : upgraded to 'AA-sf' from 'A+sf'; Outlook Negative EUR49.5m class C: upgraded to 'Asf' from 'BBB+sf'; Outlook Stable (Caryn Trokie, New York Ratings Unit)
- Four dead in apparent Connecticut murder-suicide
- Protesters fell Lenin statue, tell Ukraine's president 'you're next'
- Singer Susan Boyle reveals she has Asperger's syndrome: paper
- South Korea expands air defense zone to partially overlap China's |
- Dynasty's Congress party punished in Indian state elections