Despite continuing adverse rating actions on Ford and General Motors' corporate debt, the many legal, structural and credit protections that are inherently part of ABS deals have so far kept Ford Credit's and GMAC's ABS free of downgrades. Nevertheless, S&P said, their auto ABS ratings aren't completely insulated from their corporate downgrades, and raises questions about which auto asset types are most vulnerable to a manufacturer bankruptcy and whether the transactions are adequately ...
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