S&P Global recently downgraded six classes of notes across most of Carvana’s prime asset-backed securitization deals issued in 2023 due to higher-than-expected losses. “These rating actions represent the first instance of a downgrade on a prime auto ABS deal since 2010,” Amy Sze, managing director of ABS research at JPMorgan Securities, said in an April 10 research note. “These rating actions represent the first […]
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