In its first half review, which will be released this week, Moody's Investors Service is anticipating an improved credit environment for the second half, which the rating agency is calling a mixed blessing for the asset-backed market, in terms of issuance, that is.

While an improvement in credit quality is positive for ABS transactions - especially those with sub-bonds exposed to non-prime consumer credit - an improved economic landscape could spell an end to rate cuts, which, according to Moody's, was a major driver of the first-half's record issuance.

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