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US Auto Lease ABS Wholesale Market Outlook Neutral from Neg

Fitch Ratings expects stability in residual value (RV) realizations throughout 2019 and has revised its Wholesale Market Outlook (WMO) Haircut to neutral from negative for most auto lease asset backed securities (ABS).

Fitch Ratings: U.S. Credit Card ABS Performance Mixed Following Record-Low Unemployment

Performance of U.S. prime and retail credit card ABS continued to post mixed results, with improvements in charge-off and delinquency rates while monthly payment rates (MPR) and gross yields trended lower during the April collection period, according to Fitch Ratings. 

European Auto ABS Index Stable, but on Worsening Trend

The Fitch 30+ and 60+ Delinquency Indices remained stable in 1Q19, although the overall trend has been of gradually rising arrears since mid-2016, says in its latest index report for the sector.


Catch up on our latest webinar:
European Auto ABS 2Q19 Update available here On-demand

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UK & Europe Credit Card Index

UK Credit Card Performance Remains Stable, European to Stabilise

UK credit card programmes maintained their stable performance in 1Q 2019 with European peers expected to stabilise amid a generally supportive macroeconomic environment with low or improving unemployment rates.


EMEA Structured Finance Losses Remain Very Low

Total losses on EMEA structured finance (SF) are low and are concentrated in certain crisis-era transactions, Fitch Ratings says in a new report. More than three-quarters of all expected losses have now been realised. 

Available On-demand: Fitch Discusses EMEA Structured Finance Losses 2000-2018


Ford Canadian Auto Loan ABS Deal: Ford Auto Securitization Trust (FAST) Series 2019-A

Available Now On-Demand

Fitch expects to rate the Ford Auto Securitization Trust (FAST) Series 2019-A prime Canadian Auto Loan ABS transaction. Please join as our analysts, Hylton Heard and Michael Buzanis discuss the deal.


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IBOR Transition Webinar

Available On-Demand

Fitch’s Chief Credit Officer, Jeremy Carter, and Group Credit Officer, Andreas Wilgen, discuss the progress which has been made to prepare financial markets for the discontinuation of IBOR indices and highlight the risks which still remain.


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German Diesel ABS Risks May Be Easing, but Have Not Disappeared

Recent market and regulatory developments suggest that the immediate risks to German auto ABS transactions from declining diesel car prices have eased. This would be consistent with our decision not to adjust our asset performance assumptions so far in response to proposed driving bans and shifting consumer sentiment away from diesel, but it remains important to monitor developments and test transactions for their resulting sensitivities. 

EMEA Carmakers Catching Up with Tesla, BYD in Electric Vehicle Race

European carmakers are refocusing their strategy towards electric vehicles and catching up with specialised manufacturers. Carmakers have increased investments in plug-in-hybrids and battery electric vehicles with numerous model launches expected in the next 12 to 24 months.

What Investors Want to Know

Italian Salary-Assignment Loan ABS

Fitch has published a ‘What Investors Want to Know’ report on Italian salary assignment loan ABS which discusses – amongst other things:

  • The key factors that can ensure loss assumptions in stress scenarios remain largely indifferent to the underlying default definition
  • The link between SAL ABS notes and the sovereign rating - as Fitch believes the two cannot be fully delinked
  • Why the presence of insurance protection is of limited help in high rating scenarios; and
  • Some insights on how to interpret and compare SAL ABS performance.

IBOR Transition Makes Progress, but Key Risks Unaddressed

Substantial progress in recent months will better prepare financial markets for the discontinuation of IBOR indices, but transition risks remain, Fitch Ratings says in a new report. Our ratings address the payment of interest (and principal) in accordance with the underlying terms of an obligation and would not be directly affected by transition from one reference rate to another or any accompanying spread adjustment. 

Weaker Chinese Car Sales Raise Underwriting Quality Risks

Declining car sales are putting pressure on Chinese auto finance companies (AFCs) and could encourage strategies that negatively affect underwriting standards and undermine future auto ABS performance


Mercedes Canadian Auto Lease ABS Deal Conference Call: MBARC Credit Canada Inc.

Fitch expects to rate the Canadian Auto ABS deal for Mercedes-Benz Financial Services Canada Corporation. MBARC Credit Canada Inc. Series 2019-A is a prime auto lease ABS transaction. Please listen to our analysts, Hylton Heard, Michael Buzanis, and Cole Mackenzie, discuss the deal.


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European Auto ABS Index Shows Increasing Losses Trend and 2019 Expectations

The European Auto ABS annualised loss index rose by 3bp to 0.34% in 4Q18, its highest level since mid-2014. The Fitch 30+ and 60+ Delinquency Indices increased by 4bp and 2bp relative to 3Q18, respectively.


Catch up on our latest webinar:

Risks to Watch in European Auto ABS available here On-Demand

Listen Now

February 2019 Digital ABCP Scorecard

The ABCP Scorecard features snapshots for each of the ABCP programmes rated by Fitch globally. Through a combination of key programme facts and attributes – including conduit biographical data, structural support features and protection mechanisms, and programme outstandings – our profile reports provide investors with consistent background information for evaluating ABCP programmes.

Canada Credit Card ABS Finishes 2018 with Continued Solid Performance

Chargeoffs and delinquencies on Canadian credit card ABS fell to near record lows to close out 2018, despite a continued rise in household debt, and Fitch Ratings expects chargeoffs to remain below 3.00% heading into the first quarter of 2019, according to Fitch Ratings' latest credit card index.

Strong Finish to 2018 for U.S. Credit Card ABS

Normalization will continue for U.S. credit card ABS in 2019 following a solid finish to close out the year prior, according to Fitch Ratings in its latest quarterly "Movers and Shakers" index. Chargeoffs finished the year below 3% while delinquencies remain stable following increases to both during the middle of the year.

Fitch Nabs CLO-Rating Crown

Asset-Backed Alert recently announced that Fitch surpassed Moody’s as the largest share of ratings on US CLO Issuance in 2018.  

Download the PDF


2019 Outlook - Aviation Roundtable

Kevin Duignan, Head of Financial Institutions, discusses the outlook for aviation across corporates, financial institutions, and structured finance with Craig Fraser, Nathan Flanders, and Hylton Heard.

North America ABS Monthly Update

Our ABS Monthly Update provides an overview of the latest U.S. and Canadian ABS rating actions, presale reports, and research broken down by sector. Sign up to receive the ABS Monthly Update as well as research and presale alerts.

Risks to Watch – U.S. Consumer Lending in 2019

As part of our Risks to Watch series, Michael Taiano, Senior Director, Financial Institutions, and Ian Rasmussen, Senior Director, ABS, discuss the key credit concerns of consumer lending over the next 12 months.

Outlook 2019

Late-Cycle Risk Grows for NA Structured Finance in 2019

The structured finance markets in North America are positioned for another stable year in 2019; however, Fitch Ratings' outlook report points to several noteworthy external factors investors should consider.

U.S. Credit Card Chargeoffs Fall as Consumer Debt Mounts

Following slight increases in the first half of 2018, Fitch's U.S. Prime Chargeoff Index fell below 3% in third quarter 2018 (3Q'18) to an average of 2.97%. 60+ day delinquencies, and declined in the third-quarter to an average of 1% from 1.06% in 2Q'18, an indication that chargeoffs should remain lower in the short term.

What Debt Crunch? Canadian Credit Card ABS Still Stable

Canadian consumers are adeptly keeping up with rising household debt and still paying their credit card balances on time with chargeoffs and delinquencies remaining stable, according to Fitch Ratings' latest credit card index.

Sears Bankruptcy a Minimal Risk to Citi Omni Master Trust

Sears' Chapter 11 bankruptcy filing, announced on Oct. 15, 2018, and the anticipated closing of 142 stores by year end should not have an impact on the ratings of Citibank Omni Master Trust, says Fitch Ratings. 

More Unsolicited SF Comments are Likely due to Late-Cycle Behavior

Late-cycle credit behaviour is manifesting in securitisations more frequently of late, which has triggered more unsolicited commentaries from Fitch Ratings on structured finance deals not rated by the agency and in certain sectors, according to the rating agency in a new report.

Webcast: Residual Value Risk in Focus

Register to be part of the debate on the impact of residual value changes for car finance and find out our thoughts on what this means for the industry players.

New Tech Teething Issues a Plus for Aircraft ABS

Delays in the production of new aircraft are bolstering demand for current technology variants, which will in turn support aircraft ABS asset performance, according to Fitch Ratings in a new report.

U.S. FFELP ABS Holding off Maturity Risk from IBR Hikes For Now

Positive performance of U.S. FFELP student loan ABS is offsetting immediate maturity risk brought on by rising income-based repayment (IBR) levels across FFELP portfolios. However, if growth surpasses expectations in a stressed environment, IBR payments could adversely affect ratings, particularly on non-turbo transactions with little credit enhancement.

China Auto-ABS Performance Remains Steady; Sector Outlook Stable

Fitch Ratings believes the performance of Auto ABS in China is stable despite Fitch's China Auto ABS Index showing a marginally higher annualised gross loss (AGL) and marginally higher monthly delinquency ratios compared with March 2018. The minor deterioration is the result of a smaller outstanding balance of transactions rather than deteriorating sector performance. The issuance of new transactions has been slow in 2018, which has resulted in more securitised auto loans being repaid than have been newly securitised.


Ben McCarthy


Ben McCarthy


+61 2 8256 0388

Markus Papenroth


Markus Papenroth


+44 203 530 1707

Nigel Green


Nigel Green


+44 20 3530 1507

John Bella


John Bella


+1 212 908 0243

Wendy Cohn

North America

Wendy Cohn


+1 212 908 0681

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