Fitch Affirms 2 Classes of Hyundai Auto Receivables Trust 2011-C
NEW YORK -- July 18, 2014
As part of its ongoing surveillance, Fitch Ratings affirms two classes of the
Hyundai Auto Receivables Trust 2011-C as detailed below:
Hyundai Auto Receivables Trust 2011-C Owner Trust:
--Class A-3 at 'AAAsf'; Outlook Stable;
--Class A-4 at 'AAAsf'; Outlook Stable.
Key Rating Drivers-
The rating affirmations are based on available credit enhancement and loss
performance. The collateral pool continues to perform within Fitch's
expectations. 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
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 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 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
Fitch's analysis of the Representation and Warranties (R&W) of Hyundai Auto
Receivables Trust 2011-C can be found in ' Hyundai Auto Receivables Trust
2011-C -- Appendix'. The R&W are compared to those of typical R&W for the
asset class as detailed in the special report 'Representations, Warranties,
and Enforcement Mechanisms in the Global Structured Finance Transactions'
dated April 17, 2012.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and related research:
--'Rating Criteria for U.S. Auto Loan ABS', dated April 24, 2014;
--'Global Structured Finance Rating Criteria', dated May 20, 2014;
--'Hyundai Auto Receivables Trust 2011-C -- Appendix' (September 26, 2011)
Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
Rating Criteria for U.S. Auto Loan ABS
Hyundai Auto Receivables Trust 2011-C -- Appendix
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