Autos are dominating the ABS pipeline once again with deals from AmeriCredit Financial Services (now under GM Financial), Navistar Financial and Ford Motor Credit Co.
AmeriCredit is in the market with an auto deal called AmeriCredit Automobile Receivables Trust 2011-5 (AMCAR 2011-5) worth $900 million. Moody's Investors Service has assigned provisional ratings to AMCAR 2011-5. This is the fifth senior/subordinated transaction of the year for the firm. The rating agency assigned the class A-1 notes preliminary ratings of 'Prime-1 (sf)'; the Class A-2 Notes 'Aaa (sf)'; the Class A-3 Notes 'Aaa (sf)'; the Class B Notes 'Aa1 (sf)'; the Class C Notes 'A1 (sf)'; the Class D Notes 'Baa2 (sf)'; and the Class E Notes 'Ba2 (sf)'.