Fitch Downgrades AmeriCredit Ratings

NEW YORK — Fitch Ratings assigns a revision rating and downgraded 14 classes from six AmeriCredit Automobile Receivables Trusts. The ratings remain on Rating Watch Negative.

These actions follows Fitch's downgrade to 'AA+' from 'AAA' of the Insurer Financial Strength rating of Financial Security Assurance Inc. (FSA), which provides full support to the transactions. (For more information, please refer to 'Fitch Downgrades FSA's IFS to 'AA+'', dated May 11, 2009 and available on the Fitch Ratings web site at www.fitchratings.com.)

Fitch reviewed each transaction's performance, credit enhancement, as well as the legal structure on a stand-alone basis without the consideration of FSA's support. With respect to the revision rating of 'AAA' assigned to AmeriCredit Automobile Receivables Trust 2004-D-F class A-4, it was determined that a higher rating can be assigned on a stand-alone basis. Other transactions were deemed not able to support the higher rating and continue to be rated based on the FSA support. The current loss multiple for each transaction was a key factor in determining if a higher rating was warranted.

The rating of the 2004-D-F transaction is being revised to 'AAA' as a result of the strength of the underlying collateral and better than expected loss and delinquency performance. The transaction is highly seasoned at 54 months outstanding with a pool factor of 7.32 percent and has accumulated net losses of 10.01 percent, slightly better than Fitch's original expectations. Under the current credit enhancement structure, the transaction is able to withstand stress scenarios consistent with the revised rating.