As the market had widely anticipated, Standard & Poor's removed many classes of auto lease ABS from CreditWatch with negative implications shortly after placing them on watch on May 12. S&P lived up to its claim that it would "move quickly" once it had all the relevant information for its analysis, but made no mention of the matured tranches that the rating agency had erroneously placed on watch for a downgrade.
S&P affirmed all of the tranches issued by BMW Vehicle Lease Trust, Volkswagen Auto Lease Trust and World Omni Auto Lease Securitization Trust at their current rating levels. Remaining on ratings watch are certain tranches issued by Chesapeake Funding LLC, FELCO Funding III PL, MMCA Auto Lease Trust and Provident Auto lease Trust. Additionally, the A3A and A3B classes of Nissan Auto Lease Trust 2002-A are still being considered for a downgrade.