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Rating Action:

Moody's assigns a Aaa.mx (sf) rating to Ally Credit's Certificados Bursátiles FAMACB 10, a dealer floorplan securitization in Mexico

 The document has been translated in other languages

28 Oct 2010

Approximately MXP1,500 million of debt affected

Mexico, October 28, 2010 -- Moody's de México, S.A. de C.V. (Moody's) notes that as of today, the securities contemplated by this transaction have not been placed in the market. If any assumptions or factors considered by Moody's in assigning the ratings change before closing, Moody's could change the ratings assigned to the certificates.

Issuer: Banco Invex, S.A., Institución de Banca Múltiple, Invex Grupo Financiero, Fiduciario acting solely in its role as trustee.

Class A certificates FAMACB 10 for up to MXP1,500,000,000 rated Aaa.mx (sf) (Mexican National Scale) and Baa1 (sf) (Global Scale, Local Currency).

RATINGS RATIONALE

Moody's has assigned a rating of Aaa.mx (sf) (Mexican National Scale) and Baa1 (sf) (Global Scale, Local Currency) to the Class A certificates (FAMACB 10) of Ally Credit, S.A. de C.V. (formerly GMAC Mexicana, S.A. de C.V.) to be issued by Banco Invex, S.A., Institución de Banca Múltiple, Invex Grupo Financiero, Fiduciario acting solely in its capacity as trustee.

Interest and principal to certificate holders will be primarily payable with cash flow from dealer floorplan loans originated by Ally Credit and assigned to the FAMA Master Owner Trust, established under the laws of Mexico.

The ratings are based upon the following factors:

-- The credit quality of the initial pool, which is comprised of Mexican peso-denominated, floating-rate dealer floorplan loans originated by Ally Credit.

-- The 18% credit enhancement for Class A certificates in the form of subordination represented by Class B and Class C certificates.

-- The availability of a dynamic reserve account that could vary from 2% to 4% depending on the dealers' 3-month average payment rate. The reserve will be funded at closing with an amount equivalent to 2% of the issuance balance.

-- The vehicle manufacturers present in the transaction which include, among others, General Motors and Chrysler; with a 35% limit for Chrysler receivables that could be included into the trust.

-- The dealer and geographical concentration limits that helps to ensure diversity within the portfolio.

-- The legal final of the transaction 42 months after the closing date on November 25, 2010.

-- The origination standards of Ally Credit and its capability in its role as servicer.

-- The well-established Mexican laws governing floorplan loan securitization.

The eligible receivables into the trust consist of dealer floorplan loans made by Ally Credit to approximately 223 domestic motor vehicle dealers throughout the country. As of September 30, 2010, the portfolio of Ally Credit consisted of receivables with an aggregate principal balance of approximately MXP$4,555 million of which approximately $3,990 million or 88% are eligible receivables.

The receivables pool is very well diversified geographically. Other than the following state concentrations (D.F. and Estado de México 30%, Jalisco 8% and Nuevo León 8%), no one state represents more than 7% of the aggregate receivables pool. The geographic diversification mitigates the adverse impact that a contraction in regional economic activity may have on the credit loss and payment rate experience on the receivables.

The principal rating methodology used in rating FAMACB 10 certificates was Moody's Approach to Rating U.S. Floorplan ABS Securities published in January 2010. Other methodologies and factors that may have been considered in the process of rating this transaction can also be found on Moody's website.

Consistent with our methodology, the analysis of this transaction included simulation analysis and static scenario analysis. Our simulation analysis incorporated a stressed average dealer default rate up to 57% and 75% for General Motors and Chrysler dealers, respectively, given the current financial condition of the manufacturers present in the trust. Receivables from Chrysler dealers are limited to 35%. Our primary assumptions for recovery rates of repossessed new vehicles from defaulted dealers is 45% under a Chapter 7 scenario, 65% under a Chapter 11 scenario and 75% under a non-bankruptcy scenario.

Moody's Investors Service did not receive or take into account a third party due diligence reports on the underlying assets or financial instruments in this transaction.

The main assumption uncertainty are dealer default and payment rates. Under an economic slowdown scenario, payment rate can decrease as dealers are unable to sell vehicles or if defaulted dealers sell vehicles without submitting the sale proceeds to the trust (sold out of trust). Recovery rates on repossessed vehicles can also be affected as potential buyers have low incentives to purchase new vehicles during a negative economic environment. Volatility of performance based on loss experience is low, but historical data does not include key variables such as payment rates, recoveries and dealer defaults during a stressed, disorganized manufacturer bankruptcy scenario. As a result, Moody's believes that the level of historical data is only a moderate predictor of future performance of a stressed environment. Additionally, although floorplan transaction structures are typically straight forward, the credit risk characteristics are reasonably complex.

Moody's parameter sensitivities provide a quantitative/model-indicated calculation of the number of rating notches that a Moody's-rated structured finance security may vary if certain input parameters used in the initial rating process differed. Qualitative factors are also taken into consideration in the ratings process, so the actual ratings that would be assigned in each case could vary from the information presented in the parameter sensitivity analysis. The results generated by rating models are one of many inputs to the rating process. Ratings are determined collectively through the exercise of judgment by rating committees, which evaluate many quantitative and qualitative factors.

Moody's key ratings-model assumption for this transaction are the recovery and dealer default rates. In the parameter sensitivity analysis, if the assumed recovery rates are stressed by 20% and the combined average dealer default rates for General Motors and Chrysler are 67% the model-indicated rating for Class A notes would change from Baa1 (sf)/Aaa.mx (sf) to Baa3 (sf)/Aa3.mx (sf). Similarly, if the assumed recovery rates are stressed by 20% and the combined average dealer default rates for General Motors and Chrysler are 70%, the model-indicated rating for Class A notes would change from Baa1 (sf)/Aaa.mx (sf) to Ba2 (sf)/A2.mx (sf). It should be noted that the recovery and dealer default rates assumptions are already stressed assumptions and is higher than Moody's expected case.

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following: public information, parties involved in the ratings, and confidential and proprietary Moody's Investors Service information.

Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of assigning a credit rating.

Further information on Moody's analysis of this transaction is available on www.moodys.com. In addition, Moody's publishes a weekly summary of structure finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck.

MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

Mexico
Alonso Sanchez
Asst Vice President - Analyst
Structured Finance Group
Moody's de Mexico S.A. de C.V
Telephone:+52-55-1253-5700

New York
Linda Stesney
MD - Structured Finance
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's de Mexico S.A. de C.V
Ave. Paseo de las Palmas
No. 405 - 502
Col. Lomas de Chapultepec
Mexico, DF 11000
Mexico

Moody's assigns a Aaa.mx (sf) rating to Ally Credit's Certificados Bursátiles FAMACB 10, a dealer floorplan securitization in Mexico
No Related Data.
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