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18 Apr 2011
Approximately $80 million of auto asset-backed securities affected
New York, April 18, 2011 -- Moody's has placed on review for possible upgrade one tranche from one
transaction issued by World Omni Automobile Lease Securitization Trust
Issuer: World Omni Automobile Lease Securitization Trust 2009-A
Cl. B, A2 (sf) Placed Under Review for Possible Upgrade;
previously on Nov 13, 2009 Definitive Rating Assigned A2 (sf)
The review for upgrade was prompted by strong credit and residual value
performance of the underlying lease contracts, and accretion of
credit enhancement due to the non-declining reserve account and
Moody's revised expected cumulative net credit loss (CNL) range for
the transaction is between 0.75% and 1.00%
of the original pool balance. This range is lower than our prior
expectation of 2.25% in November 2009 when the transaction
was originally rated.
Lease ABS are also exposed to residual value risk for vehicles that are
turned in, rather than purchased at the contractual residual price,
since these vehicles then have to be remarketed. If a vehicle is
not turned in (i.e. purchased by the lessee), then
the securitization is not exposed to the risk of loss as the lessee pays
the contractual residual value to the lessor that is passed on to the
trust. Residual value risk is typically the largest component of
risk in an auto lease deal. Performance of maturing leases has
also remained strong since the closing of the transaction. As of
the March distribution date, the transaction had experienced a cumulative
residual value gain of 7.6% of the total securitization
value of vehicles returned since inception. The turn-in
ratio, which is the ratio of vehicles returned to World Omni relative
to the total vehicles scheduled to be returned, has also remained
low relative to other rated auto lease transactions. It was 50%
in March and averaged 47.5% over the last 12 months.
Hard credit enhancement (excluding available excess spread) for the tranche
is 28% of the outstanding collateral pool balance. Excess
spread for the transaction is approximately 4.2% per annum.
The pool factor which is the ratio of the current securitization value
to the original securitization value at closing is 51%.
The performance expectations for a given variable indicate Moody's forward-looking
view of the likely range of performance over the medium term. From
time to time, Moody's may, if warranted, change these
expectations. Performance that falls outside the given range may
indicate that the collateral's credit quality is stronger or weaker than
Moody's had anticipated when the related securities ratings were issued.
Even so, a deviation from the expected range will not necessarily
result in a rating action nor does performance within expectations preclude
such actions. The decision to take (or not take) a rating action
is dependent on an assessment of a range of factors including, but
not exclusively, the performance metrics. Primary sources
of assumption uncertainty are the current macroeconomic environment,
in which unemployment continues to rise, and weakness in the used
vehicle market. Moody's currently views the used vehicle market
as stronger now than it was a year ago, when the uncertainty relating
to the economy as well as the future of the U.S auto manufacturers
was significantly greater. Overall, Moody's central global
scenario remains "Hook-shaped" for 2011; we expect overall
a sluggish recovery in most of the world largest economies, returning
to trend growth rate with elevated fiscal deficits and persistent unemployment
The principal methodology used in these notes was "Auto Lease Securitization:
Moody's Rating Approach", rating methodology published
in November 1998. 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.
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 6 months.
VP - Senior Credit Officer
Structured Finance Group
Moody's FIS Domestic Sales Office - San Francisco CA
Structured Finance Group
Moody's Investors Service
Moody's Investors Service
Moody's reviews World Omni auto lease ABS for possible upgrade
250 Greenwich Street
New York, NY 10007
No Related Data.
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