| Fitch Affirms 3 Classes from 2 GMAC Securitizations
The affirmations reflect adequate relationships of credit enhancement (CE) to future loss expectations and affect approximately $60.7 million of outstanding certificates. Credit enhancement for the 2000-HE2 series reflects the note insurance policy issued by MBIA Insurance Corporation, whose claims-paying ability is rated 'AAA' by Fitch. Credit enhancement for the 2001-HLTV1 series reflects the financial guaranty insurance policy issued by Ambac Assurance Corporation, whose claims-paying ability is also rated 'AAA' by Fitch. The collateral of the above transactions consists of fixed-rate closed-end home equity loans and adjustable-rate home equity revolving credit line loans creating a first or second lien on residential properties. As of the April 2007 distribution date, the 2000-HE2 and 2001-HLTV1 transactions are seasoned 82 months and 75 months, respectively, and the pool factors (current collateral balance as a percentage of original collateral balance) are approximately 10% and 7%, respectively.
Autobacs Forms Credit Line for Acquisitions
(Akron/Tire Review) Japanese automotive parts and accessories retailer Autobacs Seven Co. has established a committed line of credit capped at $822.8 million, to finance the acquisition of competitors inside and outside Japan. An agreement for the five-year commitment line was signed with an investment firm in the UK.
Autobacs will also soon set up a panel to discuss its planned acquisitions and include outside experts to obtain their advice. But the firm says it is "not yet at a point where the acquisition plans can be announced."
Autobacs said it intends to boost domestic sales, including those at its franchised stores, to approximately $3 billion by fiscal 2008 from the fiscal 2006 level of $2.5 billion. In April, Autobacs reached an agreement to buy U.S. parts retailer Strauss Discount Auto out of bankruptcy for a price of up to $55 million.
Ted’s Montana Grill to join Power & Light District
The Cordish Co. has confirmed Ted's Montana Grill is locating its fourth area franchise in the Power & Light District being developed in downtown Kansas City. The 5,400-square-foot restaurant will be located on the southeast corner of 14th and Walnut streets as part of the seven-block entertainment district being built by the Baltimore-based firm. The chain was co-founded in 2002 by businessman Ted Turner, the founder of CNN. "We are thrilled to announce the addition of another quality, eco-friendly dining option such as Ted's Montana Grill," Blake Cordish, vice president, said in a statement today. "The confidence of a renowned businessman such as Ted Turner is a positive statement about the health and vitality of downtown Kansas City and the district." George McKerrow Jr., the other co-founder of the restaurant chain, told The Kansas City Star last summer his company planned to open a franchise in the downtown district, but at the time, Cordish officials declined to comment.
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