Fitch Ratings-London-05 January 2009: Fitch Ratings says overall European auto ABS showed further weakening during the third quarter of 2008.
In its latest quarterly newsletter, the agency said the Fitch 60 - 180 Day Delinquency Index increased to 1.2% (+0.2%) during Q308 while the Fitch Net Loss Index remained stable at 0.3%. The Fitch Excess Spread Index reported a significant increase to 2.3% (+0.3%) in Q308, although this was mainly due to comparably high excess spread figures reported by a new Italian transaction added to the index. At the same time, Spain saw a significant 0.5% drop in its overall excess spread level to 1.7% at end-Q308.
Looking beyond ABS performance, EU consumer confidence fell in Q308. New car registrations showed a mixed trend. Registrations in Spain, Italy and the UK reported a sharp decline compared with Q307, whereas France and Germany suffered much less with France still showing a slight increase in registrations (+0.9%). The heavy reduction in new car registrations, especially in Spain, Italy and the UK, is seen as an early indication of the tighter economic conditions facing consumers. However, the extent of this deterioration is not yet fully reflected in the performance of auto ABS transactions.
Current market sentiment has impacted issuance volumes with just two new auto ABS transactions launched in the third quarter totalling EUR2bn, a 25% reduction compared to Q307.
A copy of the newsletter, entitled "Tyre Tracks - Fitch European Auto ABS Index", is available on the agency's public website, www.fitchratings.com.For topical commentary on the European structured finance market, along with global capital markets coverage, please see www.fitchratings.com/capitalmarkets.
Contact: Thomas Muench, London, Tel: +44 (0) 20 7682 7271; Grant England, +44 (0) 20 7070 5825.
Media Relations: Julian Dennison, London, Tel: +44 020 7682 7480, Email: julian.dennison@fitchratings.com; Peter Fitzpatrick, London, Tel: + 44 (0)20 7417 4364, Email: peter.fitzpatrick@fitchratings.com.
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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Publié le 05 janvier 2009 Copyright © 2009 Dowjones