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Fitch Affirms 2 Classes of Hyundai Auto Receivables 2011-C

  Fitch Affirms 2 Classes of Hyundai Auto Receivables 2011-C

Business Wire

NEW YORK -- August 19, 2013

As part of its ongoing surveillance, Fitch Ratings affirms two classes of
Hyundai Auto Receivables Trust 2011-C, as listed below:

Hyundai Auto Receivables Trust 2011-C:

--Class A-3 at 'AAAsf'; Outlook Stable;

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

KEY RATING DRIVERS

The affirmations of the A-3 and A-4 notes reflect loss coverage levels
consistent with current ratings. The transaction continues to perform well
within Fitch's cumulative net loss expectation to date. Based on the current
structure and credit enhancement, 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.

RATING SENSITIVITY

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 multiple levels. Lower loss coverage could
impact ratings and Rating Outlooks, depending on the extent of the decline in
coverage.

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 expectation 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' (April 10, 2013);

--'Global Structured Finance Rating Criteria'(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=799808

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OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN
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ON THE FITCH WEBSITE.

Contact:

Fitch Ratings
Primary Analyst
Timothy McNally, +1 212-908-0870
Analyst
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson
Bradley Sohl, +1 212-908-0792
Senior Director
or
Media Relations:
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com
 
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