TEXT-Fitch: historic high for U.S. prime auto ABS losses


(The following statement was released by the rating agency) Sept 30 - Despite record high annualized net losses (ANL) on U.S. prime auto loan asset-backed securities (ABS) in August, negative rating actions in 2008 have been minimal, according to Fitch Ratings. Even with these elevated levels of losses, structural features and credit enhancement along with transactions deleveraging, have limited negative ratings actions in 2008. Fitch has upgraded 29 prime auto ABS subordinate tranches in ...

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