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Fitch Affirms FMAC Loan Receivables Trust 1998-C

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has affirmed FMAC Loan Receivables Trust 1998-C as follows:

Class B at 'CCCsf' RE 100%;

Class C at 'Dsf' RE 10%;

Class D at 'Dsf' RE 0%;

Class E at 'Dsf' RE 0%;

Class F at 'Dsf' RE 0%.

The affirmation of the class B notes at 'CCCsf' RE 100% reflects Fitch's opinion that, despite an expectation of full principal recovery, default remains a possibility given the large concentration of defaulted obligors and the financial condition of those who are currently performing. Class C was affirmed at 'Dsf' as the class has been partially written down. A recovery estimate of 10% was assigned to class C notes as Fitch expects 10% of the current balance to be paid. The class D, E, and F notes have been written down and are not expected to receive any further payments, consistent with a rating of 'Dsf' RE 0%.

Fitch will continue to monitor the transaction and may take additional rating actions in the event of changes in performance and credit enhancement measures.

Additional information is available at www.fitchratings.com. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Surveillance Criteria for Franchise Loan ABS' (May 10, 2012);

--'Structured Finance Recovery Estimate for Distressed Securities' (Nov. 16, 2011);

--'Global Structured Finance Rating Criteria' (June 6, 2012).

Applicable Criteria and Related Research:

Surveillance Criteria for Franchise Loan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=678776

Structured Finance Recovery Estimates for Distressed Securities

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=656557

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

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Fitch Ratings
Primary Analyst
Thomas Kaiser, CPA
Analyst
+1-312-368-3338
Fitch, Inc.
70 West Madison Street
Chicago, IL 60602
or
Committee Chairperson
Du Trieu
Senior Director
+1-312-368-2091
or
Media Relations:
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sandro.scenga@fitchratings.com

Source: Fitch Ratings