Fitch Affirms 6 Classes; Revises Outlook to Positive on 3 Classes of Hyundai
Auto Receivables Trust
NEW YORK -- February 14, 2013
Fitch Ratings has taken the following rating actions on six classes of the
Hyundai Auto Receivables Trust 2012-A transaction:
--Class A-2 affirmed at 'AAAsf'; Outlook Stable;
--Class A-3 affirmed at 'AAAsf'; Outlook Stable;
--Class A-4 affirmed at 'AAAsf'; Outlook Stable;
--Class B affirmed at 'AAsf'; Outlook revised to Positive from Stable;
--Class C affirmed at 'Asf'; Outlook revised to Positive from Stable;
--Class D affirmed at 'BBB+sf'; Outlook revised to Positive from Stable.
The Positive Outlooks on the class B, C and D notes are based on strong
collateral performance and loss coverage for the notes. The collateral pool
has performed well within Fitch's expectations for the first year of the
transaction, with cumulative net losses at 35 basis points to date. The
Positive Outlooks reflect Fitch's view that if the notes continue to perform
well, upgrades are likely to occur within the next 12 months.
The affirmations of the class A-2, A-3 and A-4 notes in the transaction
reflect loss coverage levels consistent with current ratings. The Stable
Outlook designation reflects Fitch's view that performance within the
transaction is not expected to materially change in the near term and loss
coverage is expected to remain consistent with current rating levels.
Additional information is available at 'www.fitchratings.com'. The ratings
above were solicited by, or on behalf of, the issuer, and therefore, Fitch has
been compensated for the provision of the ratings.
Applicable Criteria and related research:
--'U.S. Auto Loan ABS Rating Criteria', April 16, 2012;
--'Global Structured Finance Rating Criteria', June 6, 2012.
Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
Rating Criteria for U.S. Auto Loan ABS
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Timothy McNally, +1-212-908-0870
Fitch Ratings, Inc.
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Bradley Sohl, +1-368-3127
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