Prime auto ABS

Principal will only be paid out to Huntington's noteholders when each tranche of notes maintains a certain level of credit enhancement.

A few structural changes are in SFUEL 2025-B, compared with SFUEL 2025-A, and the classes A and B notes benefit from higher subordination levels.

Moody's finds that Honda's underlying pool has a strong credit profile, and that tier A loans account for 77.1% for the base principal note amount.

The deal faces a few upfront credit challenges, including the fact that the collateral's credit quality has weakened.

More than 10,000 prime retail loan contracts on mostly used cars will secure the notes.

Moody's Ratings has assigned AAA to the Class A notes, which account for 87.3% of the transaction.

One atypical feature, for an auto ABS deal, is that principal on the notes will be reduced in a reverse sequential order based on realized losses.

TALNT 2025-1's notes benefit from initial hard credit enhancement that totals 6.33% of the note balance.

All the senior notes—including A1, rated P1 and A2 through A4, rated Aaa—benefit from total initial hard credit enhancement equaling 4.80% of the pool balance.

BAAT Auto Trust series 2025-1, has a super-prime underlying borrower base, as FICO scores exceeding 800 made up 55.2% of the pool.