New York, March 01, 2011 -- Moody's Investors Service has assigned ratings on the underlying credit
risk of the following notes that are guaranteed by the financial guarantors
identified below. The underlying rating reflects the intrinsic
credit quality of the notes in the absence of the guarantee. The
current ratings on the below notes are consistent with Moody's practice
of rating insured securities at the higher of the guarantor's insurance
financial strength rating and any underlying rating.
These transactions are sponsored by Triad Financial Corporation (Triad).
Triad was acquired by Santander Consumer USA Inc. (Santander) in
October 2009, and the transactions are currently serviced by Santander.
Complete rating actions are as follows:
Issuer: Triad Automobile Receivables Trust 2006-C
Cl. A-4, Current Rating: Aaa (sf)
Financial Guarantor: Ambac Assurance Corporation (Confirmed at Caa2,
Outlook Developing on Nov 23, 2010)
Underlying Rating: Assigned Aaa (sf)
Issuer: Triad Automobile Receivables Trust 2007-A
Cl. A-4, Current Rating: Aa3 (sf)
Financial Guarantor: Assured Guaranty Municipal Corp (Confirmed
at Aa3, Outlook Negative on Nov 12, 2009)
Underlying Rating: Assigned Aa3 (sf)
Issuer: Triad Automobile Receivables Trust 2007-B
Cl. A-3a, Current Rating: Aa3 (sf)
Financial Guarantor: Assured Guaranty Municipal Corp (Confirmed
at Aa3, Outlook Negative on Nov 12, 2009)
Underlying Rating: Assigned A1 (sf)
Cl. A-3b, Current Rating: Aa3 (sf)
Financial Guarantor: Assured Guaranty Municipal Corp (Confirmed
at Aa3, Outlook Negative on Nov 12, 2009)
Underlying Rating: Assigned A1 (sf)
Cl. A-4a, Current Rating: Aa3 (sf)
Financial Guarantor: Assured Guaranty Municipal Corp (Confirmed
at Aa3, Outlook Negative on Nov 12, 2009)
Underlying Rating: Assigned A1(sf)
Cl. A-4b, Current Rating: Aa3 (sf)
Financial Guarantor: Assured Guaranty Municipal Corp (Confirmed
at Aa3, Outlook Negative on Nov 12, 2009)
Underlying Rating: Assigned A1 (sf)
RATINGS RATIONALE
The principal methodology used in these securities was "Moody's Approach
to Rating U.S. Auto Loan-Backed Securities" rating
methodology published in June 2007. Other methodologies and factors
that may have been considered in the process of rating these notes can
also be found on Moody's website.
Further information on Moody's analysis of this transaction is available
on www.moodys.com.
In addition, Moody's publishes a weekly summary of structured finance
credit, ratings and methodologies, available to all registered
users of our website, at www.moodys.com/SFQuickCheck.
Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or financial
instruments related to the monitoring of this transaction in the past
six months.
REGULATORY DISCLOSURES
Information sources used to prepare the credit rating are the following:
parties involved in the ratings, public information 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 maintaining
a credit rating.
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.
New York
Apurva Thakkar
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
San Francisco
Eric Fellows
VP - Senior Credit Officer
Structured Finance Group
Moody's FIS Domestic Sales Office - San Francisco CA
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Moody's Investors Service
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Moody's assigns underlying ratings to Triad subprime auto loan ABS