Fitch Affirms 2 Classes of Ally Auto Receivables Trust 2012-SN1

NEW YORK--()--Fitch Ratings has affirmed two classes of notes issued by Ally Auto Receivables Trust 2012-SN1 as detailed below:

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

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

KEY RATING DRIVERS

The affirmations to the notes reflect the increase in credit enhancement since closing and strong collateral performance. Credit losses have been well within Fitch's expectations and residual performance has been producing cumulative gains.

Fitch will continue to monitor economic conditions and their impact and the trust level performance variables and update the ratings accordingly.

RATING SENSITIVITIES

Unanticipated decreases in the value of returned vehicles and/or increases in the frequency of defaults and loss severity on defaulted receivables could produce loss levels higher than the base case and could result in potential rating actions on the notes. At close, Fitch evaluated the sensitivity of the ratings assigned to Ally Auto Receivables Trust 2012-SN1 to increased credit and residual losses over the life of the transaction. Fitch's analysis found that the transaction displayed relatively little sensitivity to increased defaults and credit losses, but significantly more sensitivity to deterioration in residual values. At present, the notes remain slightly more sensitive to residual loss volatility than credit loss, albeit the notes are more protected on account of growing enhancement levels.

Fitch's stress and rating sensitivity analyses are discussed in the presale report titled 'Ally Auto Receivables Trust 2012-SN1 (US ABS)', dated Sept. 6, 2012, which is available on Fitch's web site.

Individual Representations, Warranties, and Enforcement Mechanisms reports are available for all structured finance transactions initially rated on or after Sept. 26, 2011 at www.fitchratings.com.

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' (April 2014);

--'Global Structured Finance Rating Criteria' (August 2014);

--'Ally Auto Receivables Trust 2012-SN1 (US ABS)'(September 2012);

--'Ally Auto Receivables Trust 2012-SN1 Appendix' (September 2012).

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=754389

Ally Auto Receivables Trust 2012-SN1 (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=688339

Ally Auto Receivables Trust 2012-SN1 -- Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=688426

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=864114

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.

Contacts

Fitch Ratings
Surveillance Analyst
Eugene Kushnir
Associate Director
+1-212-908-0830
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Hylton Heard
Senior Director
+1-212-908-0214
or
Media Relations
Sandro Scenga, New York, +1-212-908-0278
sandro.scenga@fitchratings.com

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Contacts

Fitch Ratings
Surveillance Analyst
Eugene Kushnir
Associate Director
+1-212-908-0830
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Hylton Heard
Senior Director
+1-212-908-0214
or
Media Relations
Sandro Scenga, New York, +1-212-908-0278
sandro.scenga@fitchratings.com