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MMCA auto ABS ratings cut: AAA' classes nicked to A+'

Standard & Poor's downgraded 14 classes of auto lease ABS issued by Mitsubishi Motor Credit of America last week, due to greater-than-expected defaults of the captive lender's zero-down, zero-interest and zero-payments for 15 months subvention loan strategy. The balloon payment loans had long given investors concerns, for which Mitsubishi...

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