TEXT-Fitch: Saab bankruptcy has no impact on European auto ABS

Newswire

(The following statement was released by the rating agency) Dec 21 - Fitch Ratings says that Saab's bankruptcy filing should not have any negative impact on Fitch-rated European auto ABS transactions, due to the low exposure of these deals to Saab vehicles. Following a debtor's default, issuers in European auto ABS transactions benefit from the proceeds recovered from the sale of vehicles. Some transactions also contain residual value exposure, which results in direct exposure to used car ...

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