Fitch Affirms Four Classes From Honda Auto Receivables Owner Trusts

NEW YORK--()--As part of its ongoing surveillance, Fitch Ratings has affirmed four classes of the Honda Auto Receivables Owner Trusts as detailed below:

Honda Auto Receivables 2011-1 Owner Trust

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

Honda Auto Receivables 2013-1 Owner Trust

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

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

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

KEY RATING DRIVERS

The ratings affirmations are 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 SENSITIVITY

Unanticipated increase 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 transactions have 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 pools to have potential negative impact on the outstanding ratings.

Fitch's analysis of the Representation and Warranties (R&W) of this transaction can be found in 'Honda Auto Receivables 2013-1 Owner Trust -- Appendix'. This R&W is 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.

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

Applicable Criteria and related research:

--'Rating Criteria for U.S. Auto Loan ABS' (April 10, 2013);

--'Global Structured Finance Rating Criteria' (May 24, 2013);

--'Honda Auto Receivables 2013-1 Owner Trust -- Appendix' (May 31, 2013).

Applicable Criteria and Related Research:

Rating Criteria for U.S. Auto Loan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=704137

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

Honda Auto Receivables 2013-1 Owner Trust

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708030

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=812589

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Contacts

Fitch Ratings
Primary Analyst
John Alberici, +1 212-908-0370
Analyst
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Hylton Heard, +1 212-908-0214
Senior Director
or
Committee Chairperson
Du Trieu, +1 312-368-2091
Senior Director
or
Media Relations, New York
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com

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Contacts

Fitch Ratings
Primary Analyst
John Alberici, +1 212-908-0370
Analyst
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Hylton Heard, +1 212-908-0214
Senior Director
or
Committee Chairperson
Du Trieu, +1 312-368-2091
Senior Director
or
Media Relations, New York
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com