Fitch Affirms GM Financing Automobile Leasing Trust 2014-1

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has affirmed the notes issued by GM Financial Automobile Leasing Trust 2014-1 as part of its ongoing surveillance, as detailed below:

--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 Stable;

--Class C notes at 'Asf'; Outlook Stable;

--Class D notes at 'BBBsf'; Outlook Stable.

KEY RATING DRIVERS

The affirmations reflect loss coverage levels consistent with the current ratings. Credit and residual performance has been within Fitch's expectations to date. The Outlook Stable reflects Fitch's expectation for loss coverage and credit enhancement to continue to improve as the transactions amortize.

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, inside 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 'GM Financial Automobile Leasing Trust 2014-1 (U.S. ABS)', dated April 1, 2014 available on Fitch's web site.

Fitch's analysis of the Representations and Warranties (R&W) of the transaction can be found in ' GM Financial Automobile Leasing Trust 2014-1 -- 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 March 26, 2015.

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' dated April 24, 2014;

--'Global Structured Finance Rating Criteria' dated Aug. 4, 2014;

--'Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions' dated March 25, 2015;

--'GM Financial Automobile Leasing Trust 2014-1 (U.S. ABS)' dated April 1, 2014;

--'GM Financial Automobile Leasing Trust 2014-1 - Appendix' dated April 1, 2014.

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=864268

Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863817

GM Financial Automobile Leasing Trust 2014-1 (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=743804

GM Financial Automobile Leasing Trust 2014-1 -- Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=744098

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=982414

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.

Fitch Ratings
Primary Analyst
Margaret Rowe
Director
+1 312-368-3167
Fitch Ratings, Inc.
70 West Madison Street
Chicago, IL 60602
or
Committee Chairperson
Du Trieu
Senior Director
+1 312-368-2091
or
Media Relations:
Sandro Scenga, +1 212-908-0278
[email protected]

Source: Fitch Ratings

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Bulletin from the Annual General Meeting in Anoto Group AB (publ) on 31 July 2026
• The RipTide Car Wash Honors Teachers and School Staff with 2nd Annual Free Car Washes Throughout August
• Jerry Garcia's Rare Original Art Book Returns to Print for His Birthday