Upgrades outpaced downgrades for non real-estate related term asset-backed securities outpaced downgrades for the first time in more than two years, according to Fitch Ratings. Year-to-date Fitch has issued 142 upgrades and 211 downgrades, compared with 32 upgrades and 917 downgrades during the same period last year, the agency reports.


2004 ABS upgrades by sector:     2004ABS Downgrades by sector:

Auto Loan: 53                          Equipment Lease: 103

Tobacco: 46                            Aircraft Lease: 41

Equipment Lease: 29                    Tobacco: 40

Credit Cards: 6                        Franchise Loan: 22

Student Loan: 5                        Student Loan: 5

Timeshare: 3

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