Fitch Affirms Class A-4 of Hyundai Auto Receivables Trust 2011-C; Outlook Stable

NEW YORK

Fitch Ratings affirms one class of Hyundai Auto Receivables Trust 2011-C 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. 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.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation to this rating action.

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.

Fitch has affirmed the following rating:

Hyundai Auto Receivables Trust 2011-C:

–Class A-4 at ‘AAAsf’; Outlook Stable.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Global Structured Finance Rating Criteria (pub. 31 Mar 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864268

Rating Criteria for US Auto Loan ABS (pub. 10 Apr 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863979

Additional Disclosures

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https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=986510

Solicitation Status
https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=986510

Endorsement Policy
https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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Fitch Ratings
Primary Analyst:
Puloma Mukherjee, +1-212-908-9131
Associate Director
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
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