NEW YORK--(BUSINESS WIRE)--Annualized net losses (ANL) for both U.S. prime and subprime auto ABS dropped in April for the third consecutive month this year, according to the latest index results from Fitch Ratings.
Strong seasonal performance is typical for this time of year for auto ABS. That coupled with improving economic indicators continues to support robust asset performance this year. Overall auto ABS performance is likely to remain strong entering the summer months.
Prime ANL dipped 27% in April over March to 0.24%, the fourth lowest loss rate ever. In the subprime sector, ANL were at 4.10%, a 12% improvement versus the prior month.
On the ratings front, Fitch upgraded 13 prime outstanding notes year-to-date in 2013, well above the four upgrades issued during the same four month period in 2012.
The outlook for prime auto ABS asset performance is stable, while the ratings performance outlook remains positive for 2013.
Fitch's prime and subprime auto ABS indices are comprised of $68.6 billion of outstanding notes issued from 129 transactions. Of this amount, 72% comprise prime auto loan ABS and the remaining 28% subprime ABS.
Additional information is available at 'www.fitchratings.com'