The U.K. government's proposed £2.5 billion ($3.5 billion) support package for the U.K. auto industry is unlikely to have any impact on the ratings of outstanding auto-related ABS, according to analysts at Fitch Ratings.

 "The U.K. government's intervention outlined yesterday appears to support the supply of new vehicles, but fails to address falling demand for new cars," said Philip Walsh, managing director of the European structured finance group. "We do not expect this to revitalize the sales of new vehicles in the U.K. due to the lack of support for consumers purchasing new cars and direct assistance for vehicle manufacturers' financing arms."

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