A change to the Spanish bankruptcy law means that credit will no longer be given to pledges of assets securing future claims in Spanish ABS deals unless they are publicly registered in Spain  before a pledgor insolvency, according to Fitch Ratings.

The rating agency said that the change mainly affects auto lease and auto loan ABS offerings that have residual value (RV) exposure.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.