Bangkok--18 Nov--Moody's Investors
Moody's Investors Service sees no rating implications for outstanding Korean ABS transactions in view of the recent performance of their underlying receivables.
"Their performance has been stable with the cumulative default ratio -- for auto loan receivables -- at less than 1.4% of the original pool balance plus all replenishments," says Marie Lam, a Moody's VP/Senior Credit Officer.
Lam was speaking on the release of a Moody's update -- which she authored
-- on the Korean ABS market in 3Q2009.
"For credit card receivables, they exhibited stable principal payments and improvements in their delinquency ratio, charge-off rate and net yield," says Lam.
"These improvements are in line with the improvements in the unemployment rate and Korean economy," adds Lam. In 3Q2009, real GDP was up 2.9% from 2Q2009, and in September, the unemployment rate fell to 3.4% from 3.9% in June 2009.
At the same time, Korean consumer sentiment continued to improve overall
-- on the economic situation, spending plans, living standards, and household income, for example.
In addition to providing commentary on trends in the Korean ABS market, the report contains detailed performance overviews of individual ABS deals rated by Moody's.
The report is entitled, "Korean ABS 3Q2009 Performance Review." The report is now available at www.moodys.com.