Fitch Publishes Latest U.S. Auto ABS 'Driver's Seat'

NEW YORK--May 11, 2011: Fitch Ratings has published 'In the Auto ABS Driver's Seat' newsletter today, featuring Fitch's first quarter 2011 indices, market updates, and rating developments related to the U.S. auto loan, lease, rental car, and dealer floorplan ABS markets (auto ABS).

Prime auto loan asset-backed securities (ABS) performance improved further in the first quarter of 2011, supported by lower delinquencies and annualized net losses (ANLs), due in part to tax refunds boosting household finances and overall improvement in the U.S. economy. However, longer-term performance improvements are still largely attributable to robust recovery rates due to record-high wholesale used vehicle values and strong collateral characteristics. Fitch expects these improvements to continue throughout 2011, with auto ABS loss and delinquency patterns currently trending similar to the pre-recessionary periods of 2005-2007.

For more information, including links to Fitch's Auto ABS Data Dashboard, see 'Related Research' below.

The report can be found under the following headings:

Structured Finance>> ABS >> Newsletters

Additional information is available at Fitch Ratings.

Applicable Criteria and Related Research:

'Fitch Auto ABS Dashboard' (April. 27, 2011).

Applicable Criteria and Related Research: In the Auto ABS Driver's Seat

Fitch Ratings 625069

Fitch Auto ABS Dashboard - March 2011

Fitch Ratings 563026