Fitch Affirms Merrill Auto Trust Securitization 2005-1

NEW YORK--Fitch Ratings affirms three classes of Merrill Auto Trust Securitization 2005-1, as follows:

--Class A notes at 'AAA';

--Class B notes at 'AA';

--Class C notes at 'A'.

The rating actions are a result of continued available credit enhancement in excess of stressed remaining losses and the attainment of class credit enhancement targets. Current principal allocation and expected future cash flows are also contributing factors.

The collateral continues to perform within Fitch's base case expectations. Currently, under the credit enhancement structure, the securities can withstand stress scenarios consistent with the rating upgrades and still make full payments of interest and principal in accordance with the terms of the documents.

The securities are backed by a pool of prime retail installment sales contracts secured by new and used automobiles and light duty trucks from a diverse pool of manufacturers originated by Ford Motor Credit Co., E-Loan Inc., Onyx Acceptance Corp., and Capital One Auto Financial Corp. All ratings reflect the transaction's sound legal structure and the high quality of the retail auto receivables originated and serviced by U.S. Bank, N.A.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.