Moody's upgrades numerous tranches from several auto loan-backed securitizations
New York, June 04, 2007 -- Moody's Investors Service has upgraded 50 securities from 38 auto loan
backed securitizations. This rating action reflects a strengthening
in the credit profile of the securities, based upon the actual performance
of the transactions and the build up of credit enhancement relative to
expected future losses in the underlying receivables pools. The
build up of credit enhancement as a percent of the current outstanding
principal balance of the pools has been the result of different factors
such as the inclusion of nondeclining enhancements as well as the initial
trapping of excess spread within transactions. In addition to the
higher credit enhancement levels, some of the auto loan pools are
performing better than Moody's initial expectations.
The current upgrades are a product of Moody's ongoing monitoring
process of the sector. In the auto loan sector, where the
loss curve is reasonably predictable, deals generally have 12 months
of performance data before securities are considered for upgrade.
In addition, deals with a pool factor under approximately 15%
are excluded from the review process.
Complete rating action is as follows:
Upgrade:
AmeriCredit Automobile Receivables Trust 2004-1, Class D,
Upgraded from Aa2 to Aa1
AmeriCredit Automobile Receivables Trust 2005-1, Class C,
Upgraded from Aa1 to Aaa
AmeriCredit Automobile Receivables Trust 2005-1, Class D,
Upgraded from A2 to A1
Banc of America Securities Auto Trust 2005-WF1, Class B,
Upgraded from Aa3 to Aaa
Bay View 2005-3 Owner Trust; Class B, Upgraded from
Aa2 to Aaa
Bay View 2005-3 Owner Trust; Class C, Upgraded from
A2 to Aa3
Capital Auto Receivables Asset Trust 2004-2, Class B,
Upgraded from Aa3 to Aaa
Capital Auto Receivables Asset Trust 2004-2, Class C,
Upgraded from Baa2 to A1
Capital Auto Receivables Asset Trust 2005-1, Class B,
Upgraded from Aa3 to Aaa
Capital Auto Receivables Asset Trust 2005-1, Class C,
Upgraded from Baa3 to Aa3
Capital Auto Receivables Asset Trust 2005-1, Class D,
Upgraded from Ba2 to Baa1
Capital Auto Receivables Asset Trust 2006-1, Class B,
Upgraded from A1 to Aa1
Capital Auto Receivables Asset Trust 2006-1, Class C,
Upgraded from Baa2 to A2
Capital Auto Receivables Asset Trust 2006-1, Class D,
Upgraded from Ba2 to Baa2
Capital One Auto Finance Trust 2005-B-SS; Class C,
Upgraded from Aa1 to Aaa
Capital One Auto Finance Trust 2005-B-SS; Class D,
Upgraded from A2 to Aa2
CarMax Auto Owner Trust 2004-1, Class D, Upgraded from
A3 to A2
CarMax Auto Owner Trust 2005-1, Class B, Upgraded from
Aa2 to Aa1
Chase Auto Owner Trust 2005-A, Certificates, Upgraded
from A3 to Aa3
Chase Auto Owner Trust 2005-B, Certificates, Upgraded
from A3 to Aa3
Chase Manhattan Auto Owner Trust 2003-C, Certificates,
Upgraded from Aa2 to Aa1
Chase Manhattan Auto Owner Trust 2004-A, Certificates,
Upgraded from A1 to Aa2
DaimlerChrysler Auto Trust 2004-A, Class B, Upgraded
from Aa3 to Aaa
DaimlerChrysler Auto Trust 2004-B, Class B, Upgraded
from A2 to A1
DaimlerChrysler Auto Trust 2004-C, Class B, Upgraded
from A2 to Aa3
DaimlerChrysler Auto Trust 2005-A, Class B, Upgraded
from A1 to Aa3
Ford Credit Auto Owner Trust 2004-A, Class C, Upgraded
from Aa2 to Aaa
Ford Credit Auto Owner Trust 2005-4, Class B, Upgraded
from Aa2 to Aaa
Ford Credit Auto Owner Trust 2005-A, Class C, Upgraded
from Aa2 to Aaa
Ford Credit Auto Owner Trust 2005-B, Class C, Upgraded
from A1 to Aaa
Ford Credit Auto Owner Trust 2005-C, Class C, Upgraded
from A1 to Aa1
Ford Credit Auto Owner Trust 2006-1, Class B, Upgraded
from Aa1 to Aaa
Ford Credit Auto Owner Trust 2006-A, Class B, Upgraded
from Aa3 to Aaa
Ford Credit Auto Owner Trust 2006-A, Class C, Upgraded
from Baa1 to A1
Franklin Auto Trust 2005-1, Class B, Upgraded from
Aa3 to Aa1
GEARS, Ltd. 2004-A/ GEARS LLC 2004-A,
Class A-D, Upgraded from Aa2 to Aaa
GEARS, Ltd. 2004-A/ GEARS LLC 2004-A,
Class A-E, Upgraded from A3 to Aaa
Hyundai Auto Receivables Trust 2004-A, Class B, Upgraded
from Aa3 to Aa2
Hyundai Auto Receivables Trust 2004-A, Class C, Upgraded
from A3 to A1
Regions Auto Receivables Trust 2003-2, Class B, Upgraded
from A1 to Aaa
Regions Auto Receivables Trust 2003-2, Class C, Upgraded
from Baa3 to A1
USAA Auto Owner Trust 2004-2, Class B, Upgraded from
A1 to Aa2
USAA Auto Owner Trust 2004-3, Class B, Upgraded from
A3 to Aa1
USAA Auto Owner Trust 2005-1, Class B, Upgraded from
Baa2 to Baa1
USAA Auto Owner Trust 2005-2, Class B, Upgraded from
Baa2 to Baa1
Wachovia Auto Owner Trust 2004-B, Class B, Upgraded
from Aa1 to Aaa
Wachovia Auto Owner Trust 2004-B, Class C, Upgraded
from Aa3 to Aa1
Wachovia Auto Owner Trust 2005-A, Class B, Upgraded
from Baa2 to Baa1
WFS Financial 2004-2 Owner Trust, Class C, Upgraded
from Aa3 to Aa2
WFS Financial 2004-2 Owner Trust, Class D, Upgraded
from A2 to A1
Whole Auto Loan Trust 2004-1, Class D, Upgraded from
Baa3 to A2
World Omni Auto Receivables Trust 2004-A, Class B,
Upgraded from A3 to Aa3
For more information see www.Moodys.com
New York
Nicolas S. Weill
Managing Director - Chief Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Aron Bergman
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653