Fitch Affirms Hyundai Auto Lease Securitization Trust 2013-B

  Fitch Affirms Hyundai Auto Lease Securitization Trust 2013-B

Business Wire

NEW YORK -- July 30, 2014

Fitch Ratings affirms four classes of the Hyundai Auto Lease Securitization
Trust 2013-B transaction as part of its ongoing surveillance, listed below:

Hyundai Auto Lease Securitization Trust 2013-B

--Class A-2 notes at 'AAAsf'; Outlook Stable;

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

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

--Class B notes at 'AAsf'; Outlook to Positive from Stable.

KEY RATING DRIVERS

The affirmations reflect the increase in credit enhancement since closing and
strong collateral performance. Credit and residual losses have been well
within Fitch's expectations to date. The Stable Outlook reflects Fitch's
expectation that the notes will remain sufficiently enhanced to cover 'AAAsf'
stressed loss levels.

The Outlook revision to Positive for the class B notes reflects Fitch's view
that if the notes continue to perform well, upgrades are likely to occur
within the next 12 - 18 months.

Fitch will continue to monitor economic conditions and their impact as well as
trust level performance variables and update the ratings accordingly.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults or deterioration in
vehicle values could produce loss levels higher than the current expectations
and impact available loss coverage. Lower loss coverage could impact ratings
and Rating Outlooks, depending on the extent of the decline in coverage.

To date, the transaction has exhibited strong credit and residual performance,
well within Fitch's initial expectations with rising loss coverage. Due to the
growing credit enhancement levels and increased loss coverage afforded to the
notes, a substantial deterioration in used vehicle values would have to occur
to have a negative impact on the updated ratings.

Fitch's stress and rating sensitivity analyses are discussed in the presale
reports titled 'Hyundai Auto Lease Securitization Trust 2013-B (US ABS)',
dated August 2013, which is available on Fitch's web site.

Fitch's analysis of the Representations and Warranties (R&W) of this
transaction can be found in ' Hyundai Auto Lease Securitization Trust 2013-B
-- Appendix'. These 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 Global Structured Finance Transactions' dated April
17, 2012.

Additional information is available at 'www.fitchratings.com'.

The information used to assess these ratings was sourced from the issuer,
periodic trustee reports, note valuation reports, and the public domain.

Applicable Criteria and Related Research:

--'Criteria for Rating U.S. Auto Lease ABS' (April 2014);

--'Global Structured Finance Rating Criteria' (May 2014);

--'Representations, Warranties, and Enforcement Mechanisms in Global
Structured Finance Transactions' (April 17, 2012);

--'Hyundai Auto Lease Securitization Trust 2013-B (US ABS)' (August 2013);

--'Hyundai Auto Lease Securitization Trust 2013-B - Appendix' (August 2013).

Applicable Criteria and Related Research:

Criteria for Rating U.S. Auto Lease ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=746763

Global Structured Finance Rating Criteria

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

Representations, Warranties, and Enforcement Mechanisms in Global Structured
Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=676496

Hyundai Auto Lease Securitization Trust 2013-B

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=715621

Hyundai Auto Lease Securitization Trust 2013-B - Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=715715

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=842947

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ON THE FITCH WEBSITE.

Contact:

Fitch Ratings
Surveillance Analyst
Eugene Kushnir
Associate Director
+1-212-908-0830
Fitch Ratings, Inc.
33 Whitehall Street
New York, New York 10004
or
Committee Chairperson
Du Trieu
Senior Director
+1-312-368-2091
or
Media Relations
Sandro Scenga, New York, +1 212-908-0278
sandro.scenga@fitchratings.com
 
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