A bit of ageing becomes the prime auto ABS sector, according to Fitch Ratings. With 11 upgrades, the asset class dominated positive ratings movement activity for U.S. term ABS in April.

The upgrades came on five transactions sponsored by BMW Vehicle Owner Trust and the MMCA Auto Owner Trust, after the rating agency noticed increased available credit enhancement in excess of expected remaining losses. "The securities can now withstand stress scenarios consistent with the upgraded ratings and still make full payments to investors in accordance with the terms of the documents," the rating agency said in a report released last week.

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