NEW YORK--(BUSINESS WIRE)--As part of its ongoing surveillance, Fitch Ratings affirms five classes of the AmeriCredit Automobile Receivables Trust 2011-4 transaction as follows:
--Class A-3 at 'AAAsf'; Outlook Stable;
--Class B at 'AAsf'; Outlook Positive;
--Class C at 'Asf'; Outlook Positive;
--Class D at 'BBBsf'; Outlook Positive;
--Class E at 'BBsf'; Outlook Positive.
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, with cumulative net losses currently at 3.82%. Under the credit enhancement structure, the securities are able to withstand stress scenarios consistent with the current rating and make full payments to investors in accordance with the terms of the documents.
The ratings reflect the quality of AmeriCredit Financial Services, Inc.'s retail auto loan originations, the strength of its servicing capabilities, and the sound financial and legal structure of the transaction.
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 transactions. 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 transactions, 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 within Fitch's initial expectations with rising loss coverage and multiple levels consistent with the current ratings. A material deterioration in performance would have to occur within the asset pools to have potential negative impact on the outstanding ratings.
Additional information is available at 'www.fitchratings.com'.
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:
Global Structured Finance Rating Criteria
Rating Criteria for U.S. Auto Loan ABS