A New Update Regarding Cars

A New Update Regarding Cars


Minor Utilisation of External Credit Enhancement: Credit enhancement in Indian transactions is typically provided through cash collateral held at a bank, which protects against credit losses and provides liquidity to noteholders. While there was a minor depletion in external credit enhancement across most of our transactions during the most stressful month of May of the moratorium period, the transactions have mostly used excess interest spread to cover principal and interest shortfalls. This helped them preserve liquidity to absorb future credit losses. We expect click resources to resolve the RWN upon sufficient evidence that cash collateral is adequate to provide credit and liquidity support at a level commensurate with the ratings and that timely access to the designated cash collateral will not be frustrated should the originator in any transaction default. Factors that could, individually or collectively, lead to positive rating action/upgrade: - All ratings are already at respective cap levels due to account-bank rating triggers of 'BBB-', hence, they are unlikely to be upgraded. Factors that could, individually or collectively, lead to negative rating action/downgrade: - Should timely access to cash collateral by trustees not be ensured. - Transactions with limited seasoning and credit enhancement buffers would be most vulnerable to downgrade should they continue to deteriorate due to macroeconomic stress that is more severe than our current estimate without counterbalancing factors, such as higher credit enhancement from the progress of amortisation. International scale credit ratings of Structured Finance transactions have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of seven notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of seven notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings are based on historical performance.


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And around 40% of all Thanksgiving travellers specifically searched for coronavirus cover, which replaces previous most sought-after terms in previous years, such as disruptive weather and financial defaults. This kind of cover comes at a cost, however. Reuters reports that any-reason-cancellation insurance, which usually allows scrapping a trip up to 48 hours before it’s due to begin and a three-quarters reimbursement, can cost up to 40% more than standard policies. After months of lockdowns and separation from loved ones, it would seem many Americans feel it’s worth the outlay. “It’s just gotten to a point I think people are tired of being stuck at home and they’re looking to get away and go somewhere,” Jeremy Murchland, president of US travel insurer Seven Corners, told Reuters. The news agency reports that more than three million Americans passed through the country’s airports last weekend, despite advice from the Centers for Disease Control and Prevention not to travel as coronavirus cases continue to spike, reaching new daily records. The overall number of Americans travelling is around 60% down on the same period in 2019. Squaremouth says its data shows, however, that the number of people travelling who are looking for insurance cover is up 26% on last year.  Insurance demand for non-domestic trips has fallen dramatically, which is unsurprising considering the number of banned destinations and quarantine requirements for others. Insurance purchases covering trips to the Bahamas and Costa Rica are down by a little over half, and cover for Mexico by 23% compared to last year’s Thanksgiving week. But for the Turks and Caicos islands, where top-end hotels are offering Covid-secure bubble stays, demand is up more than 500%, Reuters says. Meanwhile, The New York Times reports that train travel is also down steeply, at about 20% of what it was at the same time last year.

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