Fitch Takes Various Rating Actions on U.S. ABS Wrapped by FGIC

NEW YORK--(BUSINESS WIRE)--Fitch Ratings has taken various rating actions on nine asset-backed securities (ABS) bonds wrapped by Financial Guaranty Insurance Company (FGIC), as listed below. The revisions are based upon the performance of each transaction, current credit enhancement, as well as the financial and legal structure.

On July 31, 2008 Fitch downgraded FGIC's Insurer Financial Strength (IFS) rating to 'CCC' and placed the rating on Rating Watch Evolving. Although FGIC still remains obligated to insure timely interest and ultimate principal payments to the bondholders, Fitch reviewed each transaction absent the FGIC guarantee. Based upon each transactions' performance and credit enhancement, Fitch has determined that revised ratings are appropriate.

Consistent with Fitch's policy in other structured finance sectors, in the event that a transaction's underlying rating is higher than the insurer's current IFS rating, the Fitch rating will be based on the underlying rating rather than the insurer's IFS rating. Alternatively, if the underlying rating is lower than the insurer's current IFS rating, the Fitch rating will be based on the insurer's IFS rating rather than the underlying rating.

For more information please refer to 'Fitch Downgrades FGIC's IFS to 'CCC'; Placed on Watch Evolving', dated July 31, 2008, available on the Fitch Ratings web site at www.fitchratings.com.

As a result of the review, Fitch has taken rating actions on the following transactions based on the underlying collateral performance:

Auto loan ABS:

AmeriCredit Automobile Receivables Trust 2006-B-G

-Class A-3 remains at 'BBB';

-Class A-4 remains at 'BBB'.

Capital One Auto Finance Trust 2007-C

--Class A-2a revised to 'BBB-' from 'BBB';

--Class A-2b revised to 'BBB-' from 'BBB';

--Class A-3a revised to 'BBB-' from 'BBB';

--Class A-3b revised to 'BBB-' from 'BBB';

--Class A-4a revised to 'BBB-' from 'BBB';

Timeshare receivables ABS:

Sierra Timeshare 2007-1 Receivables Funding Company, LLC

--Class A-1 remains at 'BBB';

--Class A-2 remains at 'BBB'.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.