NEW YORK--July 10, 2013: Fitch Ratings affirms one class of Hyundai Auto Receivables Trust (HART) 2009-A as part of its ongoing surveillance as follows:
--Class A-4 at 'AAAsf'; Outlook Stable.
KEY RATING DRIVERS
The rating affirmation is based on available credit enhancement and loss performance. The collateral pool continues to perform within Fitch's expectations. In addition, under the credit enhancement structure, 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.
The ratings reflect the quality of Hyundai Capital America's (HCA) retail auto loan originations, the sound financial and legal structure of the transaction, and the strength of the servicing provided by HCA.
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 the rating and Rating Outlook, although a future negative rating action for this transaction is unlikely given the low pool factor and limited amortization left on the notes.
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.
Additional information is available at 'Fitch Ratings '.
Applicable Criteria and related research:
--'Rating Criteria for U.S. Auto Loan ABS', dated April 10, 2013;
--'Global Structured Finance Rating Criteria', dated May 24, 2013.
Applicable Criteria and Related Research:
Rating Criteria for U.S. Auto Loan ABS