The performance of the auto-loan asset-backed securities (ABS) market in Europe, the Middle East and Africa (EMEA) remained stable over the past quarter, according to the latest indices published by Moody’s Investors Service.
In April 2011, 60+ day delinquencies decreased to 1.13 percent, from 1.18% in January 2011, and are down 27.1% year over year representing a positive trend.
Cumulative defaults and cumulative losses remained stable over the past quarter. Cumulative defaults increased to 2.10% in April 2011 from 2.04% in January 2011, impacted mostly by the high Portuguese defaults and Cumulative losses rising slightly to 1.04% in April 2011 from 1.01% in April 2010.
Major markets such as Germany continue to demonstrate a stable trend. Portugal and Spain show higher delinquencies than the index (1.13%), although Spanish delinquencies have stabilised over the past quarter at 4.67%, while Portuguese delinquencies have risen to 6.89% from 6.74% in the same period.