Moody's Investors Service says delinquencies for Australian asset-backed securities and prime residential mortgage-backed securities rose in December 2015, compared to the previous month. In hard numbers, the rates of delinquencies for Australian car loans in excess of 30 days rose to 1.33 per cent in December 2015, up from 1.20 per cent in November 2015 and 1.07 per cent in December 2014. Australian prime RMBS delinquencies in excess of 30 days rose to 1.29 per cent in December 2015, up from 1.20 per cent in November 2015 and 1.22 per cent in December 2014.Moody's said it expects delinquencies for Australian auto loan ABS and prime RMBS will continue to rise in 2016 on the back of below-trend GDP growth, an uncertain labour market and a likely slowdown in the pace of house price growth 2016. Overall, though, delinquencies among the pools of home and car loans that comprise the collateral for securitisations that are tracked by Moody's will remain at low levels.Against this background, the third transaction backed by automotive receivables originated by Volkswagen Financial Services Australia Pty Ltd was launched yesterday. VFSA is a wholly owned subsidiary of Volkswagen Financial Services AG, itself wholly owned by Volkswagen AG. The two classes of notes have been given preliminary ratings by both Standard and Poor's and Fitch.According to a Fitch presale release, the collateral backing this transaction "is of similar credit quality to prior pools securitised under the Driver Australia programme". At the cut-off date, the total collateral pool consisted of loan receivables, backed by new motor vehicles (88.9 per cent) and used motor vehicles (11.1 per cent), with a weighted average seasoning of 10.2 months, and a WA remaining term of 45.5 months, said Fitch.Preliminary rating details (S&P/Fitch): Class A notes: A$436 million, rated AAA(EXP)sf/AAA (sf) Class B notes: $27 million, rated A+(EXP)sf/A+ (sf) The higher ranked notes are supported by a $32 million subordinated loan and a $5 million collateral loan. Neither of these were rated.