Fitch Affirms 1 Class of Hyundai Auto Receivables Trust 2009-A
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 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.
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
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
Global Structured Finance Rating Criteria
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