Bond credit rating agency Fitch Ratings has marked two tranches of a lease transaction securitised in 2011 by Mercedes-Benz Financial Services (MBFS) as ‘stable’.
The ratings given to the A-3 and A-4 notes would suggest the securities are backed by suitable credit enhancement to cover stressed loss levels consistent with the tranches’ current triple-A ratings.
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Fitch’s stress testing is part of its regular review programme for rated securitisations.
Since the securitisation Daimler Group, parent to MBFS, has claimed a global penetration rate of 40% for finance into its vehicle sales, with finance in the UK up by 24% year-on-year in 2012.
richard.brown@timetric.com
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