‘. The affirmation of AHFC follows today’s affirmation of AHFC’s utmost moms and dad, Honda Motor Co. Ltd. (HMC, rated’A/F1’/ Steady Outlook by Fitch). For more information on Fitch’s score reasoning, please see ‘Fitch Affirms Honda at’A ‘; Outlook Stable, ‘dated Oct. 15, 2015. AHFC’s ratings are matched with HMC’s scores, since Fitch views AHFC as a core subsidiary of HMC, as shown by a high percentage of HMC’s U.S. sales funded by AHFC, strong functional and financial linkages between the two companies, and an assistance (keep-well)arrangement offered indirectly by HMC to AHFC. Robust and conservative underwriting standards have been a testimony to AHFC’s credit quality performance. The business tape-recorded its lowest-ever bottom line rate at 0.18 % in 1Q15(ending June 30, 2014 )Delinquencies 60+days have likewise continued to be solid and consistently below 0.20 %. The net loss and 60 +day delinquency rates were 0.21 % and 0.15 %, respectively, for the three months ended June 30, 2015. Delinquency rates and losses have decreased from FYE 2015 (March 31, 2015)primarily due to typical seasonality experienced in the latter part of the year. Fitch anticipates possession quality efficiency will continue to stay solid in fiscal year 2015(CY15)and into 2016 however normalize from present levels driven by expected small amounts in frommed automobile values. AHFC’s total operating performance continues to normalize after reaching record levels in FY10 and FY11, which was driven by reserve releases from enhanced credit performance and residual value gains due to uncommonly high made use of vehicle values. Pre-tax earnings, excluding reasonable value modifications connected to derivatives and international currency revaluation of debt, determined $386 million in 1Q16(very first quarter 2016 ended June 30, 2015 ), down 9 % from $423 million in 1Q15. The decline was primarily d. See all stories on this topic
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