In the wake of its long-awaited earnings restatement last week, The Metris Companies seems to have found a strategy to navigate the maturing ABS obligations that have worried analysts and investors throughout last year. By announcing the second defeasement of an outstanding ABS obligation - this time the $500 million series 1999-1 ABS that matures in June - more feel secure now that Metris will emerge from its liquidity crunch unscathed. Metris also lifted a measure of uncertainty via the completed restatement.
"We are pleased to have put this restatement behind us," said Metris Treasurer Scott Fjellman. "Metris will continue to use a number of different strategies for repaying maturing ABS term transactions going forward. We are also encouraged by the continued improvement in the MMT performance results."