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NEW YORK — Never in the eight-year history of S&P/Experian
Consumer Credit Default Indices have auto loan default rates been this low.

Based on data through April, the auto loan default rate
dropped to 1.07 percent, down from March's reading of 1.11 percent.

Officials from S&P and Experian reiterated that auto
loan defaults now are at the lowest point in the eight-year history of the
index.

Vehicle contract performance joined other loan types except bank
cards by posting a decrease in default rates for the fourth consecutive month.

In addition to auto loans, those four credit segments that
did decrease registered their lowest rates since at least the end of the recent
economic crisis.

The national composite rate declined to 1.86 percent in
April from its 1.96 percent March rate.

The first mortgage default rate ticked down from March's reading
of 1.88 percent to April's mark of 1.76 percent.

The second mortgage default rate also declined from 1.03
percent in March to 0.93 percent in April.

Officials determined bank cards were the only loan type
where default rates increased marginally in April to 4.49 percent from 4.47
percent recorded in March.

"April data show the continuation of the positive trend we
saw in the first quarter of 2012," said David Blitzer, managing director and chairman
of the index committee for S&P Indices.

"Not only have we continued the general downward trend in
consumer default rates that began in the spring of 2009, but we appear to be reaching
new lows across many of the loan types," Blitzer continued. "The first four
months of 2012 show broad based declines in default rates with first and second
mortgage, auto and composite default rates all reaching new post-recession
lows.

"The first mortgage default rate fell by 12 basis points in
April over March and is the lowest rate since July 2007," he went on to
highlight. "The second mortgage rate also fell during the month, by 10 basis
points, and is at a seven-plus year low. The auto loans default rate hits its
lowest rate in our history of these data. 
While the bank card rate rose, it was not by much and is still close to
the recent low reported in February."

Turning over to a geographical look at the data, four of the
five cities covered in the indices saw their default rates drop with all four
at post-recession lows.

"For the fourth consecutive month, Chicago saw a decline,
moving from 2.84 percent back in December 2011 to 2.21 percent in April. That's
a 0.63 percentage point decline and a new low," Blitzer highlighted.

"New York and Miami both fell for the third consecutive
month," he continued. "New York dropped almost a quarter percentage point over
the month from 2.01 percent in March to 1.78 percent in April. Miami decreased
by almost a half a percentage point from March's 3.62 percent to April's 3.14
percent. While still the highest default rate, Miami hit a post-recession
low. 

"Dallas hits its lowest rate in its eight years of history,
moving from 1.44 percent in March to 1.25 percent in April and retains the
lowest rate among the five cities we follow," Blitzer went on to say. "Los
Angeles is the only city where default rates remained flat, at 1.88 percent."

Jointly developed by S&P Indices and Experian, Blitzer
reiterated the S&P/Experian Consumer Credit Default Indices are published
monthly with the intent to accurately track the default experience of consumer
balances in four key loan categories: auto, bankcard, first mortgage lien and
second mortgage lien.

The indices are calculated based on data extracted from
Experian's consumer credit database. This database is populated with individual
consumer loan and payment data submitted by lenders to Experian every month.

Experian's base of data contributors includes leading banks
and mortgage companies and covers approximately $11 trillion in outstanding
loans sourced from 11,500 lenders.