Fitch has taken the following rating actions on CNH Equipment Trust
2005-B:
--Class B notes upgraded to 'AAA' from 'AA';
--Class C notes upgraded to 'AA' from 'A';
--Class A-3, A-4a, and A-4b notes affirmed at 'AAA'.
Fitch's review of the CNH 2005-B transaction noted performance measures
inside of Fitch's original base case expectations and the increasing
levels of credit enhancement available to each class of notes. In
addition, under the credit enhancement structure, the bonds can now
withstand stress scenarios consistent with the upgraded ratings and
still make full payments of principal and interest in accordance with
the terms of the transaction documents.
Specifically, loss experience has been better than expected, with
cumulative net defaults currently at 0.63%, as of the April 2008
reporting period. As a result, the lifetime collateral losses for the
transaction may yield an ultimate default number less than Fitch's
original assumptions. Total delinquencies have increased slightly since
Fitch's last review, with current total delinquencies at 0.63%. However,
delinquency performance still continues to perform within Fitch's
expectations.
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.
|