Fitch: Annualized Net Losses on Prime Auto ABS Jump 12% in April

    NEW YORK--May 23, 2003--Annualized net losses on prime auto ABS transactions hit a high of 1.65% in April, a 12% jump from March's figure, as reported in the April edition of 'In the Auto ABS Driver's Seat' newsletter, released today.
    Prime delinquencies showed some form of stabilization in April closing at 0.53%, the third monthly consecutive drop. Along with prime net losses, the subprime sector jumped 18% in April to 9.78%, from March, setting a record high. Net losses in both sectors continue to be driven lower by the weakened wholesale market.
    A first quarter 2003 recap and outlook on auto ABS along with a piece on the recent PBGC issue relating to auto lease ABS, is included in April's newsletter. Auto sales rebounded in April recording annualized sales of 16.4 million units however, however lower than April 2002 sales.
    The report is available to all investors on Fitch's corporate site, 'www.fitchratings.com' or by contacting Sara Grohl at 212/908-0564 or via e-mail, 'sara.grohl@fitchratings.com'. For more information about Fitch's comprehensive subscription service FitchResearch, which includes all presale reports, surveillance, and credit reports on more than twenty asset classes, contact product sales at 212/908-0800 or at 'webmaster@fitchratings.com'.