NEW YORK–(Business Wire)–
Fitch Ratings expects to rate CFAST 2008-B B Note Trust (2008-B BNT) as follows:
–$90,300,000 6.54% trust notes ‘BBB’; Outlook Stable.
The expected ratings are based on receipt and review of all applicable
transaction documents, including all legal opinions, by Fitch.
The trust notes are directly secured by the outstanding class B notes of
Chrysler Financial Auto Securitization Trust 2008-B (CFAST 2008-B), issued on
May 19, 2008. As such, the ratings of the trust notes issued by 2008-B BNT are
directly linked to those of the outstanding CFAST 2008-B class B notes.
The trust notes are being offered under Rule 144A under the Securities Act of
1933. The final scheduled maturity date of the trust notes is Nov. 10, 2014.
CFAST 2008-B had previously sold the class B notes in a private transaction in
2008. An affiliate of Chrysler Financial Services Americas LLC (CF), Chrysler CA
Lease Depositor LLC, purchased the CFAST 2008-B class B notes in another
transaction in Oct. 2009 and is currently selling them to the 2008-B BNT.
The trust notes issued by 2008-B BNT will be entitled to receive all cash flows
and payments made on the CFAST 2008-B class B notes. The holders of the trust
notes will receive payment distributions on the same day as the 2008-B BNT
trustee receives them, in this direct pass-through structure. The trust notes
are secured by payments made on the CFAST 2008-B class B notes, which are backed
by a pool of cars, sport utility vehicles and light-duty trucks originated by
CF is the administrator of 2008-B BNT. The indenture trustee of 2008-B BNT is
Citibank, N.A., and the owner trustee is BNY Mellon Trust of Delaware. CF is the
sponsor and servicer of CFAST 2008-B.
Since the ratings of the trust notes are directly linked to those of the
outstanding CFAST 2008-B class B notes, Fitch reviewed the performance of CFAST
2008-B on May 17, 2010. As such, Fitch affirmed the outstanding class B notes at
‘BBB’ and revised the Rating Outlook to Stable from Negative. For more
information on these rating actions, please refer to the press release titled
‘Fitch Affirms 3 CFAST Transactions; Revises Outlooks to Stable’ dated May 18,
2010, available on Fitch’s web site at ‘www.fitchratings.com’.
The expected ratings reflect the application of Fitch’s criteria: ‘U.S. Auto
Loan ABS Rating Criteria’ dated March 18, 2010; and ‘Global Structured Finance
Rating Criteria’ dated Sept. 30, 2009.
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FitchResearch, which includes all presale reports, surveillance, and credit
reports on more than 20 asset classes, contact product sales at +1-212-908-0800
or at ‘firstname.lastname@example.org’.
Additional information is available at ‘www.fitchratings.com’.
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David Petu, CFA +1-212-908-0280
Hylton Heard, +1-212-908-0214 (New York)
Sandro Scenga, +1-212-908-0278 (New York)
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