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Related Issuers
Ally Credit FAMACB 08
Canadian Capital Auto Receivables Asset Trust II, Series 2006-2
Canadian Capital Auto Receivables Asset Trust II, Series 2007-1
Capital Auto Receivables Asset Trust 2004-2
Capital Auto Receivables Asset Trust 2005-1
Capital Auto Receivables Asset Trust 2005-CPA
Capital Auto Receivables Asset Trust 2006-1
Capital Auto Receivables Asset Trust 2007-1
Capital Auto Receivables Asset Trust 2007-2
Capital Auto Receivables Asset Trust 2007-3
Capital Auto Receivables Asset Trust 2007-4
Capital Auto Receivables Asset Trust 2007-A
Capital Auto Receivables Asset Trust 2007-B
Capital Auto Receivables Asset Trust 2007-SN2
Capital Auto Receivables Asset Trust 2007-SNE
Capital Auto Receivables Asset Trust 2007-SNG
Capital Auto Receivables Asset Trust 2008-1
Capital Auto Receivables Asset Trust 2008-2
Capital Auto Receivables Asset Trust 2008-A
Capital Auto Receivables Asset Trust 2008-CPA
Capital Auto Receivables Asset Trust 2008-CPB
Capital Auto Receivables Asset Trust 2008-CPC
Capital Auto Receivables Asset Trust 2008-SNA
Capital Auto Receivables Asset Trust 2008-SNB
Capital Auto Receivables Asset Trust 2008-SND
Capital Auto Receivables Asset Trust 2008-SNE
Capital Auto Receivables Asset Trust 2008-SNF
Capital Auto Receivables Asset Trust 2008-SNH
Superior Wholesale Inventory Financing Trust 2007-AE-1
Superior Wholesale Inventory Financing Trust X
Superior Wholesale Inventory Financing Trust XI
SWIFT Master Auto Receivables Trust, Series 2007-1
SWIFT Master Auto Receivables Trust, Series 2007-2
Announcement:

Moody's comments on ABS following GM bankruptcy

01 Jun 2009

$26.01 billion of related Asset-Backed Securities.

New York, June 01, 2009 -- Today, General Motors Corporation ("GM") announced that it has filed a petition under Chapter 11 of the U.S. Bankruptcy Code. A high likelihood of a GM bankruptcy was already reflected in Moody's ratings of GM vehicle-related Asset-Backed Securities ("ABS"); as a result, Moody's is not taking further rating actions at this time. The bankruptcy of GM does not affect the residential mortgage-backed securitizations ("RMBS"), including servicer-advance related deals, sponsored by Residential Funding Company, LLC ("RFC") and GMAC Mortgage, LLC, each subsidiaries of Residential Capital, LLC, which in-turn is owned by GMAC LLC ("GMAC").

We note that GMAC and its subsidiaries were not part of the bankruptcy filing, and we do not expect any disruption to ABS and RMBS servicing as a consequence of GM's bankruptcy. Capmark, an entity owned by an investment consortium which includes GMAC with a minority share, is a master and special servicer for several pools of commercial mortgage loans. The GM filing will not impact the CMBS deals where Capmark is a master or special servicer.

The following provides a commentary on the ABS asset classes affected by GM's bankruptcy in the U.S., Canada, and Latin America. None of the vehicle-related ABS transactions that were publicly rated by Moody's in Europe and Asia are directly exposed to the bankruptcy of the manufacturer. Related securities are listed below.

Auto loans and leases

Moody's has taken several actions on auto loan and lease securitizations sponsored by GMAC since November 2008. Among other businesses, GMAC historically provided wholesale, retail, and lease financing to GM's dealers. Since Chrysler LLC's ("Chrysler") bankruptcy filing, GMAC has been providing the same service to Chrysler's dealers as well. The actions on these GMAC securitizations were driven by the performance of the underlying pools, as well as by the heightened risk of a bankruptcy of the manufacturer and the impact that a bankruptcy would likely have on used vehicle prices. The most recent rating actions have taken into consideration a high likelihood of a Chapter 11 bankruptcy filing by GM. Therefore, no further rating actions are being taken on these transactions today. The ratings may come under pressure if the decline in vehicle prices throughout the duration of the bankruptcy is greater than our expectation or if the reorganization is unsuccessful and is followed by liquidation. Moody's analysis incorporates the assumption that a GM Chapter 7 filing is an extremely unlikely event.

We believe that new and used vehicle prices are likely to decline as a consequence of GM's bankruptcy. The manufacturer may be motivated to heavily discount new vehicles to encourage sales; the discounted new vehicles would negatively impact used car resale values.

The risk that collateral value, as reflected by used vehicle prices, will decline is a key driver that will magnify losses in both retail auto loan and lease ABS to varying degrees. In auto loan ABS, typically a limited percentage of the collateral pool is subject to repossession and resale and therefore exposed to market value risk, since only a fraction of the loan pool will default. However, with respect to auto lease ABS, 80% to 90% of the manufacturer's leased vehicles are turned in at lease termination. Turn-in rates are also likely to increase further when car prices decline, as the lessee's purchase option becomes more expensive than prevailing market prices.

In response to the heightened risk of a manufacturer bankruptcy, as well as the higher than expected residual value losses experienced to date, GMAC's auto lease securitizations, including 14 classes of notes in nine outstanding transactions, were downgraded on November 25, 2008 and on January 28, 2009. Most ratings migrated from an original rating of Aaa to Aa3 in November 2008, and to Baa1 in January 2009.

The actions on the ratings of auto loan transactions have been less severe than those on the lease deals. Auto loan ABS account for the majority of Moody's-rated outstanding securitizations sponsored by GMAC. Out of 57 outstanding tranches issued in 19 U.S. and Canadian term retail auto loan transactions rated from 2005 through 2008, we have downgraded the ratings of 18 subordinate tranches in eight transactions issued in 2007 and 2008. Most actions affected tranches with an original rating below A1, which were downgraded on average by three notches. The rating review that concluded on May 22, 2009 with the downgrade actions was driven by the combination of the higher than expected borrower default rate and lower than expected recoveries compared to historical levels. The weaker than expected performance of recent GMAC transactions has occurred amid a challenging economic environment that has put pressure on prime auto loan performance across the industry as a whole.

As was the case with Chrysler, we expect that the Obama administration will take steps to contain the disruption that might be caused by the bankruptcy of GM, including providing government-funded debtor in possession financing during the bankruptcy process. These government actions may contain the extent of future vehicle price declines to some degree. In addition, we expect that GMAC will continue servicing its existing loan and lease portfolio throughout the bankruptcy process to preserve the value of its residual interest in the transactions. As a consequence, servicing disruption is likely to be immaterial for both loan and lease ABS transactions at this stage. Avoiding servicer disruption is central to lease ABS performance as a higher percentage of vehicles needs to be auctioned.

Floorplans

Moody's took rating actions on floorplan transactions sponsored by GMAC in the US and in Mexico between November 2008 through May 2009, and notes in all transactions remain under review for further possible downgrade.

Subordinated notes of Superior Wholesale Inventory Financing Trust 2007-AE-1 and SWIFT Master Auto Receivables Trust Series 2007-1 and 2007-2 were downgraded to A3, Ba1 and Ba3 for Classes B, C and D, respectively, in May. The Class A notes for these transactions were downgraded to Aa2 in January. Moody's rates two additional GMAC floorplan transactions in the US, Superior Wholesale Inventory Financing Trust X and Superior Wholesale Inventory Financing Trust XI. Class A ratings for these transactions were downgraded to A3 in January while Class B and Class C ratings were downgraded to B2 and B3, respectively, in November. The extent of the actions was generally driven by differences in the level of credit enhancement available to each class of notes.

In Mexico, the Baa1 rating (Global Scale, Local Currency) and the Aaa.mx rating (Mexican National Scale) of the Class A certificates FAMACB 08 of GMAC Mexicana were placed under review for possible downgrade in November 2008.

These rating actions took into consideration a high likelihood of a Chapter 11 bankruptcy filing by GM. Therefore, no further rating actions are being taken on those transactions as of today.

Ratings for the floorplan notes remain on review for further possible downgrade due to the significant uncertainty surrounding the floorplan transactions in the near term. The GM bankruptcy filing could lead to high dealer default rates, depressed collateral recovery values, and could severely constrain the servicer's ability to monitor dealers and secure collateral if numerous dealers default in a short period of time. Moody's will continue to monitor developments and will further assess the potential impact on GMAC's outstanding floorplan transactions as necessary. The uncertainty related to potential developments underlies the continued review process for the transactions.

Rental cars

Rental car ABS have varying amounts of exposure to GM due to the presence of GM-manufactured vehicles in the rental car fleets that serve as collateral for the securities. The residual values of those vehicles may suffer following a GM bankruptcy filing. Any such lowering of collateral value exposes rental car ABS holders to greater possible loss in the event of a default by the sponsoring rental car company. In addition, such a decline in vehicle values may itself increase the risk of default of the sponsoring rental car company. None of the rental car ABS pools has a disproportionate concentration in GM vehicles. As a result, no rating action related to rental car ABS solely as a result of this filing is expected.

The vehicle-related ABS discussed in this press release are listed below.

US Retail Auto Loan Transactions:

Issuer: Capital Auto Receivables Asset Trust 2004-2

Cl. A-4, Currently rated Aaa, previously on 12/17/2004 Assigned Aaa

Cl. B, Currently rated Aaa, previously on 6/4/2007 Upgraded to Aaa from Aa3

Cl. C, Currently rated Aaa, previously on 12/19/2007 Upgraded to Aaa from A1

Issuer: Capital Auto Receivables Asset Trust 2005-1

Cl. A-5, Currently rated Aaa, previously on 6/15/2005 Assigned Aaa

Cl. B, Currently rated Aaa, previously on 6/4/2007 Upgraded to Aaa from Aa3

Cl. C, Currently rated Aaa, previously on 12/19/2007 Upgraded to Aaa from Aa3

Cl. D, Currently rated Aa1, previously on 12/19/2007 Upgraded to Aa1 from Baa1

Issuer: Capital Auto Receivables Asset Trust 2005-CPA

Cl. A, Currently rated Aaa, previously on 1/3/2006 Assigned Aaa

Issuer: Capital Auto Receivables Asset Trust 2006-1

Cl. A-3, Currently rated Aaa, previously on 2/16/2006 Assigned Aaa

Cl. A-4, Currently rated Aaa, previously on 2/16/2006 Assigned Aaa

Cl. B, Currently rated Aaa, previously on 12/19/2007 Upgraded to Aaa from Aa1

Cl. C, Currently rated Aa1, previously on 12/19/2007 Upgraded to Aa1 from A2

Cl. D, Currently rated Aa3, previously on 12/19/2007 Upgraded to Aa3 from Baa2

Issuer: Capital Auto Receivables Asset Trust 2007-1

Cl. A-2, Currently rated Aaa, previously on 4/30/2007 Assigned Aaa

Cl. A-3a, Currently rated Aaa, previously on 4/30/2007 Assigned Aaa

Cl. A-3b, Currently rated Aaa, previously on 4/30/2007 Assigned Aaa

Cl. A-4a, Currently rated Aaa, previously on 4/30/2007 Assigned Aaa

Cl. A-4b, Currently rated Aaa, previously on 4/30/2007 Assigned Aaa

Cl. B, Currently rated A1, previously on 4/30/2007 Assigned A1

Cl. C, Currently rated Baa2, previously on 4/30/2007 Assigned Baa2

Cl. D, Currently rated Ba1, previously on 4/30/2007 Assigned Ba1

Issuer: Capital Auto Receivables Asset Trust 2007-2

Cl. A-2a, Currently rated Aaa, previously on 8/31/2007 Assigned Aaa

Cl. A-2b, Currently rated Aaa, previously on 8/31/2007 Assigned Aaa

Cl. A-3, Currently rated Aaa, previously on 8/31/2007 Assigned Aaa

Cl. A-4a, Currently rated Aaa, previously on 8/31/2007 Assigned Aaa

Cl. A-4b, Currently rated Aaa, previously on 8/31/2007 Assigned Aaa

Cl. A-PT-1, Currently rated Aaa, previously on 8/31/2007 Assigned Aaa

Cl. B, Currently rated A1, previously on 5/22/2009 Confirmed at A1

Cl. C, Currently rated Baa3, previously on 5/22/2009 Downgraded to Baa3 from Baa1

Cl. D, Currently rated Ba2, previously on 5/22/2009 Downgraded to Ba2 from Baa3

Issuer: Capital Auto Receivables Asset Trust 2007-3

Cl. A-2a, Currently rated Aaa, previously on 9/28/2007 Assigned Aaa

Cl. A-2b, Currently rated Aaa, previously on 9/28/2007 Assigned Aaa

Cl. A-3a, Currently rated Aaa, previously on 9/28/2007 Assigned Aaa

Cl. A-3b, Currently rated Aaa, previously on 9/28/2007 Assigned Aaa

Cl. A-4, Currently rated Aaa, previously on 9/28/2007 Assigned Aaa

Cl. B, Currently rated A1, previously on 5/22/2009 Confirmed at A1

Cl. C, Currently rated Baa3, previously on 5/22/2009 Downgraded to Baa3 from Baa1

Cl. D, Currently rated Ba2, previously on 5/22/2009 Downgraded to Ba2 from Baa3

Issuer: Capital Auto Receivables Asset Trust 2007-A

Cl. A, Currently rated Aaa, previously on 9/28/2007 Assigned Aaa

Cl. B, Currently rated A1, previously on 5/22/2009 Confirmed at A1

Cl. C, Currently rated Baa3, previously on 5/22/2009 Downgraded to Baa3 from Baa2

Cl. D, Currently rated Ba2, previously on 5/22/2009 Downgraded to Ba2 from Ba1

Issuer: Capital Auto Receivables Asset Trust 2007-B

Cl. A, Currently rated Aaa, previously on 11/1/2007 Assigned Aaa

Cl. B, Currently rated A3, previously on 5/22/2009 Downgraded to A3 from A1

Cl. C, Currently rated Ba1, previously on 5/22/2009 Downgraded to Ba1 from Baa1

Cl. D, Currently rated Ba3, previously on 5/22/2009 Downgraded to Ba3 from Baa3

Issuer: Capital Auto Receivables Asset Trust 2007-4

Cl. A-2a, Currently rated Aaa, previously on 11/20/2007 Assigned Aaa

Cl. A-2b, Currently rated Aaa, previously on 11/20/2007 Assigned Aaa

Cl. A-3a, Currently rated Aaa, previously on 11/20/2007 Assigned Aaa

Cl. A-3b, Currently rated Aaa, previously on 11/20/2007 Assigned Aaa

Cl. A-4, Currently rated Aaa, previously on 11/20/2007 Assigned Aaa

Cl. B, Currently rated Baa2, previously on 5/22/2009 Downgraded to Baa2 from A2

Cl. C, Currently rated Ba2, previously on 5/22/2009 Downgraded to Ba2 from Baa2

Cl. D, Currently rated B1, previously on 5/22/2009 Downgraded to B1 from Ba1

Issuer: Capital Auto Receivables Asset Trust 2008-1

Cl. A-2a, Currently rated Aaa, previously on 2/7/2008 Assigned Aaa

Cl. A-2b, Currently rated Aaa, previously on 2/7/2008 Assigned Aaa

Cl. A-3a, Currently rated Aaa, previously on 2/7/2008 Assigned Aaa

Cl. A-3b, Currently rated Aaa, previously on 2/7/2008 Assigned Aaa

Cl. A-4a, Currently rated Aaa, previously on 2/7/2008 Assigned Aaa

Cl. A-4b, Currently rated Aaa, previously on 2/7/2008 Assigned Aaa

Cl. B, Currently rated A3, previously on 5/22/2009 Downgraded to A3 from Aa3

Cl. C, Currently rated Baa3, previously on 5/22/2009 Downgraded to Baa3 from A2

Cl. D, Currently rated Ba2, previously on 5/22/2009 Downgraded to Ba2 from Baa1

Issuer: Capital Auto Receivables Asset Trust 2008-CPA

Cl. A-1, Currently rated Aaa, previously on 2/14/2008 Assigned Aaa

Cl. A-2, Currently rated Aaa, previously on 2/14/2008 Assigned Aaa

Issuer: Capital Auto Receivables Asset Trust 2008-CPB

Cl. A-1, Currently rated Aaa, previously on 3/31/2008 Assigned Aaa

Cl. A-2, Currently rated Aaa, previously on 3/31/2008 Assigned Aaa

Issuer: Capital Auto Receivables Asset Trust 2008-CPC

Cl. A-1, Currently rated Aaa, previously on 3/31/2008 Assigned Aaa

Cl. A-2, Currently rated Aaa, previously on 3/31/2008 Assigned Aaa

Issuer: Capital Auto Receivables Asset Trust 2008-2

Cl. A-2a, Currently rated Aaa, previously on 5/19/2008 Assigned Aaa

Cl. A-2b, Currently rated Aaa, previously on 5/19/2008 Assigned Aaa

Cl. A-3a, Currently rated Aaa, previously on 5/19/2008 Assigned Aaa

Cl. A-3b, Currently rated Aaa, previously on 5/19/2008 Assigned Aaa

Cl. A-4, Currently rated Aaa, previously on 5/19/2008 Assigned Aaa

Cl. B, Currently rated A2, previously on 5/22/2009 Confirmed at A2

Cl. C, Currently rated Baa2, previously on 5/22/2009 Confirmed at Baa2

Cl. D, Currently rated Ba1, previously on 5/22/2009 Confirmed at Ba1

Issuer: Capital Auto Receivables Asset Trust 2008-A

Cl. A, Currently rated Aaa, previously on 6/26/2008 Assigned Aaa

Cl. B, Currently rated A3, previously on 5/22/2009 Downgraded to A3 from A2

Cl. C, Currently rated Baa3, previously on 5/22/2009 Downgraded to Baa3 from Baa2

Cl. D, Currently rated Ba2, previously on 5/22/2009 Downgraded to Ba2 from Ba1

Canadian Retail Auto Loan Transactions:

Issuer: Canadian Capital Auto Receivables Asset Trust II, Series 2006-2

Cl. A-2, Currently rated Aaa, previously on 9/20/2006 Assigned Aaa

Cl. A-3, Currently rated Aaa, previously on 9/20/2006 Assigned Aaa

Cl. B, Currently rated A2, previously on 9/20/2006 Assigned A2

Issuer: Canadian Capital Auto Receivables Asset Trust II, Series 2007-1

Cl. A-2, Currently rated Aaa, previously on 4/30/2007 Assigned Aaa

Cl. A-3, Currently rated Aaa, previously on 4/30/2007 Assigned Aaa

Cl. B, Currently rated A2, previously on 4/30/2007 Assigned A2

Cl. C, Currently rated Baa2, previously on 4/30/2007 Assigned Baa2

US Auto Lease Transactions:

Issuer: Capital Auto Receivables Asset Trust 2007-SN2

Cl. A-2, Currently rated Baa1, previously on 1/28/2009 Downgraded to Baa1 from Aa3

Cl. A-3, Currently rated Baa1, previously on 1/28/2009 Downgraded to Baa1 from Aa3

Cl. A-4, Currently rated Baa1, previously on 1/28/2009 Downgraded to Baa1 from Aa3

Cl. B, Currently rated Baa3, previously on 1/28/2009 Downgraded to Baa3 from A1

Cl. C, Currently rated Ba3, previously on 1/28/2009 Downgraded to Ba3 from A3

Cl. D, Currently rated B3, previously on 1/28/2009 Downgraded to B3 from Ba1

Issuer: Capital Auto Receivables Asset Trust 2007-SNE

Cl. A, Currently rated Baa1, previously on 1/28/2009 Downgraded to Baa1 from Aa3

Issuer: Capital Auto Receivables Asset Trust 2007-SNG

Cl. A, Currently rated Baa1, previously on 1/28/2009 Downgraded to Baa1 from Aa3

Issuer: Capital Auto Receivables Asset Trust 2008-SNA

Cl. A, Currently rated Baa1, previously on 1/28/2009 Downgraded to Baa1 from Aa3

Issuer: Capital Auto Receivables Asset Trust 2008-SNB

Cl. A, Currently rated Baa1, previously on 1/28/2009 Downgraded to Baa1 from Aa3

Issuer: Capital Auto Receivables Asset Trust 2008-SND

Cl. A, Currently rated Baa1, previously on 1/28/2009 Downgraded to Baa1 from Aa3

Issuer: Capital Auto Receivables Asset Trust 2008-SNE

Cl. A, Currently rated Baa1, previously on 1/28/2009 Downgraded to Baa1 from Aa3

Issuer: Capital Auto Receivables Asset Trust 2008-SNF

Cl. A, Currently rated Baa1, previously on 1/28/2009 Downgraded to Baa1 from Aa3

Issuer: Capital Auto Receivables Asset Trust 2008-SNH

Cl. A, Currently rated A2, previously on 1/28/2009 Downgraded to A2 from Aa2

US Auto Floorplan Transactions:

Issuer: Superior Wholesale Inventory Financing Trust X

Class A Notes, including RN1 and RN2, Currently rated A3 Under Review for further Possible Downgrade, previously on 1/28/2009 Downgraded to A3 from Aa3 and remain Under Review for further Possible Downgrade

Class B Notes, Currently rated B2 Under Review for further Possible Downgrade, previously on 11/25/2008 Downgraded to B2 from A2 and Placed Under Review for further Possible Downgrade

Class C Notes, Currently rated B3 Under Review for further Possible Downgrade, previously on 11/25/2008 Downgraded to B3 from Baa2 and Placed Under Review for further Possible Downgrade

Issuer: Superior Wholesale Inventory Financing Trust XI

Class A Notes, including RN1 and RN2, Currently rated A3 Under Review for further Possible Downgrade, previously on 1/28/2009 Downgraded to A3 from Aa2 and remain Under Review for further Possible Downgrade

Class B Notes, Currently rated B2 Under Review for further Possible Downgrade, previously on 1/28/2009 Downgraded to B2 from B1 and remain Under Review for further Possible Downgrade

Class C Notes, Currently rated B3 Under Review for further Possible Downgrade, previously on 11/25/2008 Downgraded to B3 from Baa2 and Placed Under Review for further Possible Downgrade

Issuer: Superior Wholesale Inventory Financing Trust 2007-AE-1

Class A Notes, Currently rated Aa2 Under Review for further Possible Downgrade, previously on 1/28/2009 Downgraded to Aa2 from Aaa and remain Under Review for further possible downgrade

Class B Notes, Currently rated Aa3 Under Review for further Possible Downgrade, previously on 1/28/2009 Downgraded to Aa3 from Aaa and remain Under Review for further Possible Downgrade

Class C Notes, Currently rated Baa1 Under Review for further Possible Downgrade, previously on 1/28/2009 Downgraded to Baa1 from Aa1 and remain Under Review for further Possible Downgrade

Class D Notes, Currently rated Baa3 Under Review for further Possible Downgrade, previously on 1/28/2009 Downgraded to Baa3 from Aa2 and remain Under Review for further Possible Downgrade

Issuer: SWIFT Master Auto Receivables Trust Series 2007-1

Class A Notes, Currently rated Aa2 Under Review for further Possible Downgrade, previously on 1/28/2009 Downgraded to Aa2 from Aaa and remain Under Review for further possible downgrade

Class B Notes, Currently rated Aa3 Under Review for further Possible Downgrade, previously on 1/28/2009 Downgraded to Aa3 from Aaa and remain Under Review for further Possible Downgrade

Class C Notes, Currently rated Baa1 Under Review for further Possible Downgrade, previously on 1/28/2009 Downgraded to Baa1 from Aa1 and remain Under Review for further Possible Downgrade

Class D Notes, Currently rated Baa3 Under Review for further Possible Downgrade, previously on 1/28/2009 Downgraded to Baa3 from A1 and remain Under Review for further Possible Downgrade

Issuer: SWIFT Master Auto Receivables Trust Series 2007-2

Class A Notes, Currently rated Aa2 Under Review for further Possible Downgrade, previously on 1/28/2009 Downgraded to Aa2 from Aaa and remain Under Review for further possible downgrade

Class B Notes, Currently rated Aa3 Under Review for further Possible Downgrade, previously on 1/28/2009 Downgraded to Aa3 from Aaa and remain Under Review for further Possible Downgrade

Class C Notes, Currently rated Baa1 Under Review for further Possible Downgrade, previously on 1/28/2009 Downgraded to Baa1 from Aa1 and remain Under Review for further Possible Downgrade

Class D Notes, Currently rated Baa3 Under Review for further Possible Downgrade, previously on 1/28/2009 Downgraded to Baa3 from A1 and remain Under Review for further Possible Downgrade

Mexican Auto Floorplan Transaction:

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

FAMACB 08 Class A Notes, Currently rated Baa1 (Global Scale, Local Currency) and Aaa.mx (National Scale Rating) Under Review for Possible Downgrade, previously on 11/28/2008 placed Under Review for Possible Downgrade

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

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

Moody's comments on ABS following GM bankruptcy
No Related Data.
© 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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