Bangkok--13 Dec--Standard & Poor's
OVERVIEW
ORIX Auto Trust 2008-3 and Trust Novia are Japanese ABS transactions that pools of auto lease receivables and auto loan receivables originated by ORIX Auto Corp. ultimately secure.The performance of the underlying collateral pools has remained well within our expectations, and credit enhancement levels have increased, reflecting progress in principal redemption for the rated obligations.We have affirmed our 'AAA (sf)' ratings on the transactions.
TOKYO (Standard & Poor's) Dec. 13, 2012--Standard & Poor's Ratings Services today said that it has affirmed its 'AAA (sf)' ratings on ORIX Auto Trust 2008-3's senior beneficial interests and Trust Novia's senior beneficial interests and asset-backed loan (ABL) (see list below). Today's rating actions are part of our regular review. In analyzing the credit quality of these transactions, we examined the performance data contained in the reports that we receive each month from the servicer and the trustees. Today's affirmations reflect our views primarily on the following factors: The performance of the underlying collateral pools remains well within our expectations.The levels of credit enhancement available to the rated obligations have increased, reflecting progress in principal redemption for these obligations.Our cash flow analyses indicated that the current credit enhancement levels available to the rated classes are sufficient to withstand stressed scenarios commensurate with our 'AAA' rating.ORIX Auto Trust 2008-3 and Trust Novia are Japanese asset-backed securities (ABS) transactions. Pools of auto lease receivables and auto loan receivables that ORIX Auto Corp. originated ultimately back the senior beneficial interests and ABL. The ratings reflect our opinion on the likelihood of the full and timely payment of interest and the ultimate repayment of principal by the transactions' legal final maturity dates.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined in the Rule, to include a description of the representations, warranties and enforcement mechanisms available to investors and a description of how they differ from the representations, warranties and enforcement mechanisms in issuances of similar securities. The Rule applies to in-scope securities initially rated (including preliminary ratings) on or after Sept. 26, 2011. If applicable, the Standard & Poor's 17g-7 Disclosure Reports included in this credit rating report are available at http://standardandpoorsdisclosure-17g7.com.