Fitch Affirms 1 Class of Hyundai Auto Receivables Trust 2009-A

  Fitch Affirms 1 Class of Hyundai Auto Receivables Trust 2009-A

Business Wire

NEW YORK -- July 9, 2013

Fitch Ratings affirms one class of Hyundai Auto Receivables Trust (HART)
2009-A as part of its ongoing surveillance as follows:

--Class A-4 at 'AAAsf'; Outlook Stable.

KEY RATING DRIVERS

The rating affirmation is based on available credit enhancement and loss
performance. The collateral pool continues to perform within Fitch's
expectations. In addition, under the credit enhancement structure, the
securities are able to withstand stress scenarios consistent with the original
ratings and make full payments to investors in accordance with the terms of
the documents.

The ratings reflect the quality of Hyundai Capital America's (HCA) retail auto
loan originations, the sound financial and legal structure of the transaction,
and the strength of the servicing provided by HCA.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults and Loss Severity could
produce loss levels higher than the current projected base case loss proxy and
impact available loss coverage and multiples levels for the transaction. Lower
loss coverage could impact the rating and Rating Outlook, although a future
negative rating action for this transaction is unlikely given the low pool
factor and limited amortization left on the notes.

In Fitch's initial review of the transaction, the notes were found to have
limited sensitivity to a 1.5x and 2.5x increase of Fitch's base case loss
expectation. To date, the transaction has exhibited strong performance with
losses well within Fitch's initial expectations with rising loss coverage and
multiple levels. As such, a material deterioration in performance would have
to occur within the asset pool to have potential negative impact on the
outstanding ratings.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and related research:

--'Rating Criteria for U.S. Auto Loan ABS', dated April 10, 2013;

--'Global Structured Finance Rating Criteria', dated May 24, 2013.

Applicable Criteria and Related Research:

Rating Criteria for U.S. Auto Loan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=704137

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=795914

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS.
PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:
HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING
DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S
PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND
METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF
CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL,
COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM
THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER
PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS
OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN
EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER
ON THE FITCH WEBSITE.

Contact:

Fitch Ratings
Primary Analyst
Timothy McNally
Analyst
+1-212-908-0870
Fitch Ratings, Inc.
One State Street Plaza
New York, New York 10004
or
Committee Chairperson
Du Trieu
Senior Director
+1-312-368-2091
or
Media Relations:
Sandro Scenga, New York, +1 212-908-0278
Email: sandro.scenga@fitchratings.com
 
Press spacebar to pause and continue. Press esc to stop.