NEW YORK--(BUSINESS WIRE)--Fitch Ratings affirms two classes of Distribution Financial Services RV/Marine Trust 2001-1, as part of its ongoing surveillance process, as follows:
--Class C notes at 'BBsf; Outlook Negative';
--Class D notes at 'C/RE0%'.
KEY RATING DRIVERS
The transaction continues to generate negative excess spread and the Class D is currently undercollateralized. Fitch believes the trust will be able to pay the principal in full on the class C note; however, the Outlook on the class C note is Negative due to the volatile loss performance in the pool.
Fitch's analysis incorporated anticipated losses on defaulted collateral given Fitch's recovery expectations, which are based on collateral-specific cash flow expectations. The resulting anticipated collateral losses were then applied to the transaction structure, enabling Fitch to assess the impact of the losses on the securities and available credit enhancement. Fitch will continue to closely monitor the performance of the transaction.
RATING SENSITIVITY
Additional losses could lead to a downgrade of the class C note as the transaction becomes further undercollateralized.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria' (June 2012);
--'U.S. Auto Loan ABS Rating Criteria' (June 2012).
Applicable Criteria and Related Research
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923
Rating Criteria for U.S. Auto Loan ABS
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=704137
Additional Disclosure
Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=791223
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