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CenterOne News
| A Reflection Of CenterOne's Servicing Strength |
As a result of CenterOne Financial Services servicing of the MMCA portfolio, Fitch upgrades MMCA's rating.
Fitch Upgrades 10 and Affirms 4 Classes of 5 MMCA Auto Owner Trust Transactions
Business Wire, April 26, 2006
Fitch has upgraded 10 classes and affirmed 4 classes of 5 MMCA Auto Owner Trust asset-backed transactions as follows:
MMCA 2002-1
Class B notes upgraded to 'BBB' from 'BB+';
Class C notes upgraded to 'BB' from 'B+';
MMCA 2002-2
Class A-4 notes upgraded to 'A+' from 'BBB+';
Class B notes upgraded to 'BB+' from 'BB-';
Class C notes upgraded to 'B+' from 'B-';
MMCA 2002-3
Class A-4 notes upgraded to 'AAA' from 'AA';
Class B notes upgraded to 'AA' from 'A-';
Class C notes upgraded to 'A' from 'BBB-';
MMCA 2002-4
Class A-4 notes affirmed at 'AAA';
Class B notes upgraded to 'AA' from 'A';
Class C notes upgraded to 'A' from 'BBB';
MMCA 2002-5
Class A-4 notes affirmed at 'AAA';
Class B notes affirmed at 'AA';
Class C notes affirmed at 'A'.
The ratings reflect the sound financial and legal structure of the transaction. Specifically, the credit enhancement structure and expected cash flows from contracts owned by each respective trust demonstrate the securities can now withstand stress scenarios consistent with the upgraded ratings and still make full payments to investors in accordance with the terms of the documents.
The ratings also reflect the strength of the servicer, CenterOne Financial Services LLC (CenterOne). Servicing for the MMCA Auto Owner Trust transactions was outsourced to CenterOne in 2005. Subsequent improvements in reporting have led to greater detail regarding outstanding balloon loan balances that has enabled Fitch to refine the estimated residual losses for each of the above rated MMCA transactions.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
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