Fitch Ratings upgrades two and affirms two classes of the Capital Auto
Receivables Asset Trust 2004-2 transaction as part of its ongoing
surveillance process.
Fitch upgrades the following classes:
--Class C notes upgraded to 'AAA' from 'AA';
--Class D notes upgraded to 'AA' from 'A'.
In addition, Fitch affirms the following:
-- Class A-4 notes at 'AAA';
-- Class B notes at 'AAA'.
The collateral continues to perform within Fitch's expectations. In
particular, cumulative net losses were at 1.25% as of the April 2008
reporting period. As a result lifetime collateral losses for the
transaction may ultimately yield a cumulative net loss rate below
Fitch's original assumptions. Additionally, late stage delinquencies of
60 days or more were at 0.34%, and overall delinquency performance
continues to perform within Fitch's expectations. Based on the credit
enhancement structure, the securities can now withstand stress scenarios
consistent with the new ratings and still make full payments to
investors in accordance with the terms of the documents.
Fitch will continue to closely monitor these transactions and may take
additional rating action in the event of changes in performance and
credit enhancement measures.
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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