Two Argentine domestic ABS transactions from the same issuer were close to default last week. The deals in question are worth the equivalent of $11.1 and are backed by auto loans issued by Lujan Williams, a small financing company based in the province of Mendoza.

The company first securitized in 1997, when it launched a deal comprised of two tranches for a total of $5.7 million. In 1998 it issued two more tranches for $5.1million. The offerings received a triple-A rating from Thomson BankWatch of Argentina and Evaluadora Latinoamericana, a small local rating agency.

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