Fitch Upgrades GEARS Auto Owner Trust 2004-A Securities

NEW YORK--Dec. 9, 2005--Fitch Ratings has upgraded the Global Execution Auto Receivables Securitization (GEARS) Auto Owner Trust 2004-A asset-backed transaction, as follows:

-- Class B-1 notes to 'AAA' from 'AA';

-- Class B-2 notes to 'AAA' from 'AA';

-- Class C notes to 'AA' from 'A+';

-- Class D preferred shares to 'A' from 'BBB';

-- Class E preferred shares to 'BBB' from 'BB+'.

The rating upgrades are a result of increased available credit enhancement in excess of expected remaining losses. Under the credit enhancement structure, the bonds can now withstand stress scenarios consistent with the upgraded ratings and still make full payments of principal and interest, in accordance with the terms of the documents.

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