Fitch Ratings confirmed the ratings of 40 covered programs according to its new liquidity requirements that took effect on July 7th.

Analysts at Dresdner Kleinwort said that in most cases an increase in the minimum over-collateralization was required. To achieve this, the majority of issuers had to include additional new collateral assets. The option of lowering over-collateralization was only an optiocould only be considered by issuers who had made significant structural adjustments to their programs, such as converting into a pass-through structure.

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