Standard & Poor's upgraded several classes from two auto loan trusts.
The agency raised the ratings on the B, C, and D classes of Ford Credit Auto Owner Trust 1999-C, and additional classes from Premier Auto Trust 1997-1, 1997-2, 1997-3, 1998-1, 1998-2, and 1998-3.
S&P said it routinely upgrades one or two prime auto loan-backed deals per quarter. In these sequential pay transactions, as the pool balance pays down over time, the deals naturally deleverage, and the credit enhancement levels build for the subordinate classes.
