Fitch Ratings Releases Updated Auto Loan ABS Rating Criteria

    NEW YORK--March 15, 2002--Despite the economic slowdown and a weaker forecast for 2002 auto sales, the auto asset-backed securities (ABS) market finished with record volume in 2001 and is expected to remain strong throughout 2002, according to a report published by Fitch Ratings, the international rating agency.
    "Investors look to auto deals for their consistent performance, shorter average lives, and high stable ratings, which satisfies investors needs," said Thomas Nieliwocki, Director, Fitch ratings. "Also, weakening earnings and lowered unsecured credit ratings at the major automakers will result in a continued reliance on the ABS market."
    The new report highlights Fitch Ratings' approach to evaluating securitizations of retail auto loans. The report is updated to include recent structural trends and innovations implemented in the auto backed market.
    "A Road Map to Rating Auto Loan-Backed Securitizations" can be found on Fitch Ratings' Web site at "www.fitchratings.com" under "ABS" in the "Criteria Reports" section. A copy of the report can also be obtained by contacting Market Services at 1-800-853-4824.