The loan performance on three Chrysler asset-backed securitization deals issued since the beginning of 2007 is worse than expected, according to a report released yesterday afternoon by Standard & Poor’s.
Deals issued by Ford Credit and GMAC are within their performance expectations, according to the rating agency.
Funding and liquidity issues are expected to remain a problem for the captives into 2009. Without getting into specifics, S&P notes that the captives have increased their cash levels, but whether the captives have enough cash to weather the crisis remains to be seen.
