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Rating Action:

MOODY'S RATES SEAWEST FINANCIAL CORP.'S 2003-A AUTO LOAN SECURITIZATION

02 Sep 2003
MOODY'S RATES SEAWEST FINANCIAL CORP.'S 2003-A AUTO LOAN SECURITIZATION

Approximately $93.4 Million of Asset-Backed Securities Rated.

New York, September 02, 2003 -- Moody's Investors Service has assigned ratings of Prime-1 and Aaa to the notes issued in the third term securitization of subprime automobile loans by SeaWest Financial Corporation (SeaWest). Moody's said the Prime-1 rating on the Class A-1 notes is based primarily on the expected cashflows on the underlying receivables during the collection periods prior to the Class A-1 final maturity date, and partially on a financial guaranty insurance policy provided by XL Capital Assurance Inc. (XLCA), whose insurance financial strength rating is Aaa. The Aaa rating of the Class A-2 notes is based primarily on the XLCA policy. The complete rating action is as follows:

COMPLETE RATING ACTION

Issuer: SeaWest Securitization 2003-A, LLC

$22,412,000 1.40% Class A-1 Notes, rated Prime-1

$70,971,000 2.84% Class A-2 Notes, rated Aaa

RECEIVABLES POOL CHARACTERISTICS: LESS SEASONING THAN PREVIOUS POOLS; PERCENTAGE OF MILITARY OBLIGORS DECREASES AS BULK PURCHASE CONTRACTS RISE

The receivables pool securing the 2003-A notes consists of retail installment sale contracts originated predominantly for used vehicles to subprime credit quality obligors. The receivables have relatively short terms: on a weighted average basis, the collateral pool has an original maturity of 47.5 months and seasoning of 5.5 months (down from 13 months in SeaWest's last securitization). The pool includes receivables originated under three separate programs. SeaWest's civilian program represents 55% of the pool (by principal balance), essentially unchanged from 54% in 2002-A; bulk purchases represent 36%, up from 28% in 2002-A; and the company's military program represents the remaining 9%, down from 18% in the last deal. The pool is somewhat concentrated geographically, with six states representing 58% of the aggregate principal balance. The pool's weighted average APR is 20.08%.

All else being equal, the inclusion of more bulk purchase contracts, which have the lowest losses of SeaWest's three origination programs, and fewer military contracts, which have slightly higher losses than the bulk contracts, would result in a lower cumulative net loss expectation for the 2003-A deal. However, Moody's loss expectation for the pool as well as the amount of credit enhancement protecting XLCA are higher than in the 2002 deal, due to the reduced amount of seasoning in this pool coupled with the relatively weak performance of both the company's recent vintages and the 2002 transaction. The company attributes some of the weakness in recent performance to the economic downturn.

RISK TO XLCA IS INVESTMENT-GRADE AT CLOSING

Credit enhancement for XLCA is provided by a reserve account, a first-loss reinsurance policy, overcollateralization and available excess spread. Moody's believes that based on the credit enhancement, the transaction's structure and the experience of SeaWest as servicer the risk to XLCA in insuring the notes is investment-grade at closing.

THE COMPANY

SeaWest Financial Corporation, located in Long Beach, California, is a privately held company that provides financing for automobile dealers to finance their customers' purchases of used automobiles and light-duty trucks in the subprime credit markets. SeaWest is not rated by Moody's.

Additional research is available on http://www.moodys.com.

New York
Michael Kanef
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Annika Sandback
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
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