Last week’s MPR trigger breach by GMAC's SWIFT X dealer floorplan ABS transaction by itself will not precipitate ratings downgrades, Fitch Ratings said today.

The rating agency was notified on Feb. 17 that GMAC's  Superior Wholesale Inventory Financing Trust X (SWIFT X) dealer floorplan ABS deal had breached a non-curable, three-month average monthly payment rate (MPR) trigger over the January collection period. The trigger's breach resulted in the trust entering early amortization.

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