2008-08-04 20:04:08 -
- Fitch Ratings (Fitch) upgrades five classes and affirms four classes of two Goldman Sachs Auto Loan Trusts. The ratings are as follows:
Goldman Sachs Auto Loan Trust 2005-1
--Class A notes affirmed at 'AAA';
--Class B notes upgraded to 'AA' from 'A+';
--Class C notes upgraded to 'A+' from 'BBB+';
Goldman Sachs Auto Loan
Trust 2006-1
--Class A notes affirmed at 'AAA';
--Class B notes upgraded to 'A+' from 'A';
--Class C notes upgraded to 'BBB+' from 'BBB';
--Class D notes upgraded to 'BB+' from 'BB'.
The rating actions are a result of continued available credit enhancement in excess of stressed remaining losses and the attainment of class credit enhancement targets. Current principal allocation and expected future cash flows are also contributing factors.
The collateral continues to perform within Fitch's base case expectations. Currently, under the credit enhancement structure, the securities can withstand stress scenarios consistent with the ratings assigned and still make full payments of interest and principal in accordance with the terms of the documents.
As before, the ratings on the notes are based on their respective levels of credit. The securities are backed by a pool of prime retail installment sales contracts secured by new and used automobiles and light duty trucks from a diverse pool of manufacturers. All ratings reflect the transaction's sound legal structure and the high quality of the retail auto receivables originated by Huntington National Bank, Ford Motor Credit Co., and Ohio Savings Bank, and serviced by System and Services Technologies, Inc.
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.
Fitch Ratings, New York
Hylton Heard, 212-908-0214
John Bella, 212-908-0243
or
Media Relations:
Sandro Scenga, 212-908-0278
