Fitch Affirms 2 Classes of Hyundai Auto Receivables Trust 2011-C

  Fitch Affirms 2 Classes of Hyundai Auto Receivables Trust 2011-C

Business Wire

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
the documents.

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 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
outstanding ratings.

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

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748821

Rating Criteria for U.S. Auto Loan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=738718

Hyundai Auto Receivables Trust 2011-C -- Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=752743

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=840519

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Contact:

Fitch Ratings
Primary Analyst:
Puloma Mukherjee
Associate Director
+1-212-908-9131
Fitch Ratings, Inc.
33 Whitehall Street
New York NY 10004
or
Secondary Analyst:
Hylton Heard
Senior Director
+1-212-908-0214
or
Committee Chairperson:
Du Trieu
Senior Director
+1-312-368-2068
or
Media Relations
Sandro Scenga, New York, +1 212-908-0278
sandro.scenga@fitchratings.com
 
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