Fitch Takes Various Actions on AmeriCredit Automobile Receivables Trusts following FSA Downgrade

Fitch Ratings assigns a revision rating and downgrades 14 classes from six AmeriCredit Automobile Receivables Trusts. These actions follows Fitch's downgrade to 'AA+' from 'AAA' of the Insurer Financial Strength rating of Financial Security Assurance Inc. (FSA), which provides full support to the transactions. The ratings remain on Rating Watch Negative. (For more information, please refer to 'Fitch Downgrades FSA's IFS to 'AA+'', dated May 11, 2009 and available on the Fitch Ratings web site at www.fitchratings.com.)

Fitch reviewed each transaction's performance, credit enhancement, as well as the legal structure on a stand-alone basis without the consideration of FSA's support. With respect to the revision rating of 'AAA' assigned to AmeriCredit Automobile Receivables Trust 2004-D-F class A-4, it was determined that a higher rating can be assigned on a stand-alone basis. Other transactions were deemed not able to support the higher rating and continue to be rated based on the FSA support. The current loss multiple for each transaction was a key factor in determining if a higher rating was warranted.

The following rating is revised:

AmeriCredit Automobile Receivables Trust 2004-D-F

Class A-4 Revised at 'AAA'.

The rating of the 2004-D-F transaction is being revised to 'AAA' as a result of the strength of the underlying collateral and better than expected loss and delinquency performance. The transaction is highly seasoned at 54 months outstanding with a pool factor of 7.32% and has accumulated net losses of 10.01%, slightly better than Fitch's original expectations. Under the current credit enhancement structure, the transaction is able to withstand stress scenarios consistent with the revised rating.

The following ratings are downgraded to 'AA+' from 'AAA' and remain on Rating Watch Negative:

AmeriCredit Automobile Receivables Trust 2005-C-F

--Class A-4.

AmeriCredit Automobile Receivables Trust 2006-A-F

--Class A-3;

--Class A-4.

AmeriCredit Automobile Receivables Trust 2007-B-F

--Class A-3-A;

--Class A-3-B;

--Class A-4.

AmeriCredit Automobile Receivables Trust 2007-D-F

--Class A-3-A;

--Class A-3-B;

--Class A-4-A;

--Class A-4-B.

AmeriCredit Automobile Receivables Trust 2008-A-F

--Class A-2-A;

--Class A-2-B;

--Class A-3;

--Class A-4.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.