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  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: 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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