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.
