June 26, 2020 / 5:54 PM / 7 days ago

BRIEF-Moody's Says Outlook For Auto Finance Captives Remains Negative As Pandemic Drives Up Asset Risk, Cuts Profitability

June 26 (Reuters) - Moody’s:

* MOODY’S SAYS OUTLOOK FOR AUTO FINANCE CAPTIVES REMAINS NEGATIVE AS PANDEMIC DRIVES UP ASSET RISK, CUTS PROFITABILITY

* MOODY’S SAYS EXPECTS AUTO FINANCE CAPTIVES’ DELINQUENCY RATES, LOAN DEFAULTS & LEASE RESIDUAL VALUES TO WORSEN MATERIALLY OVER NEXT 12-18 MONTHS

* MOODY’S SAYS U.S. AUTO FINANCE CAPTIVES’ CREDIT LOSSES ON LOAN PORTFOLIOS & NET ASSET RUNOFF WILL ALSO PUT PINCERS ON PROFITABILITY

* MOODY’S SAYS NOW PROJECT U.S. AUTO UNIT SALES WILL DECLINE BY 25% IN 2020

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