Fitch Rts AmeriCredit Auto Receivables Trust 2001-1 `F1+/AAA'
NEW YORK--April 26, 2001--Fitch rates AmeriCredit Automobile Receivables Trust 2001-1 as follows:| -- | $175,000,000 class A-1 4.8075% asset-backed notes `F1+'; |
| -- | $348,000,000 class A-2 4.63% asset-backed notes `AAA'; |
| -- | $304,750,000 class A-3 5.13% asset-backed notes `AAA'; |
| -- | $99,000,000 class B 5.81% asset-backed notes `AA-`; |
| -- | $55,000,000 class C 6.35% asset-backed notes `A'; |
| -- | $52,250,000 class D 6.98% asset-backed notes `BBB'; |
| -- | $55,000,000 class E 9.29% asset-backed notes `BB+'. |
The ratings on the class A notes are based upon 25.75% initial credit enhancement consisting of 23.75% subordinated notes, 1% overcollateralization (O/C), and a 1% fully funded, non-declining reserve account. Class B enhancement totals 16.75% (14.75% subordination, 1% O/C and a 1% reserve account); class C has 11.75% enhancement (9.75% subordination, 1% O/C, and a 1% reserve account); class D is supported by 7% enhancement (5% subordination, 1% O/C, and a 1% reserve account); and class E's 2% credit support takes the form of 1% O/C and a 1% reserve account. The class D and E notes are privately offered.
Excess spread is available to make accelerated principal payments on the notes, thereby increasing O/C to its target of 7% of the ongoing pool balance less the required reserve amount. This provides the class A, B, C, D, and E notes with targeted enhancement levels of 30.75%, 21.75%, 16.75%, 12% and 7% respectively. Fitch's ratings also reflect the strong quality of the underlying retail installment sales contracts, the sound legal and cash flow structures, and the underwriting strength and servicing experience of AmeriCredit Financial Services, Inc. (ACF). The ratings address the likelihood of full and timely payment of interest and ultimate payment of principal by the legal final distribution date of each class. Interest and principal are payable monthly, beginning on June 6, 2001.
The securities, which represent the second senior/subordinate securitization offered by ACF, are backed by a pool of nonprime automobile loans, secured by new and used automobiles and light-duty trucks and vans. The transaction is fully funded at closing, unlike the 2001-A deal.
ACF is a wholly owned and the primary operating subsidiary of AmeriCredit Corp (rated `BB+' by Fitch). AmeriCredit is a consumer finance company specializing in purchasing, securitizing and servicing automobile loans, with a leading position in the competitive nonprime automobile finance industry. AmeriCredit's managed automobile receivables totaled $8.2 billion as of Dec. 31, 2000.
For more transaction details, please refer to Fitch's Presale research report `AmeriCredit Automobile Receivables Trust 2001-1' available on Fitch's web site at www.fitchratings.com or contact Market Services at 800/853-4824.