One lending category where credit defaults must be manageable is car loans. Only 18 months after refinancing a pool of loans through one of the very few asset-backed transactions of last year, one ratings agency is upgrading its views of the remaining loans on the St George-originated loans.With 60 per cent of the original outstanding balance of the Crusade ABS 2008-1 Trust having already been repaid and applied to the Class A, B and C notes on a pro-rata basis, the level of credit enhancement available for each class from the lower classes of notes, funding car loans and leases, has almost doubled. This, combined with the credit quality and performance of the underlying collateral being in line with Fitch's expectations, has allowed Fitch to upgrade the ratings assigned to four tranches of notes and affirm the ratings on the remaining tranches.Fitch went on to upgrade a further seven tranches of Crusade mortgage-backed securities - for home loans also originated by St George - for much the same reasons, while affirming the other tranches of the affected issues. Meanwhile Moody's affirmed its ratings on notes issued by the once-troubled Mobius ELR-01 Trust and removed the Class A notes from review for possible downgrade. Moody's had downgraded all ratings in February and left the rating on the Class A notes on review, as a result of continuing deterioration in the credit quality of the underlying collateral. Moody's said the performance of the collateral has now stabilised and it is less concerned about the macro-economic factors and potential financial pressures faced by the sub-originators and primary servicers of the collateral.