Fitch Affirms Five Classes of World Omni Automobile Lease Securitization Trust 2013-A

NEW YORK--()--Fitch Ratings has affirmed the ratings on the World Omni Automobile Lease Securitization Trust 2013-A series as part of its ongoing surveillance as follows:

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

--Class A-2b 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.

KEY RATING DRIVERS

The affirmations to the class A notes and class B notes for 2013-A reflect the increase in credit enhancement since closing and strong collateral performance. Credit and residual losses are within Fitch's expectations to date. The Stable Outlook reflects Fitch's expectation that the notes will remain sufficiently enhanced to cover stressed loss levels consistent with the updated ratings.

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

RATING SENSITIVITY

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 credit and residual performance within 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 'World Omni Automobile Lease Securitization Trust 2013-A (US ABS)', dated June 4, 2012 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);

--'World Omni Automobile Lease Securitization Trust 2013-A (US ABS)' (September 2013);

--'World Omni Automobile Lease Securitization Trust 2013-A --Appendix' (September 2013).

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

World Omni Automobile Lease Securitization Trust 2013-A (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=717786

World Omni Automobile Lease Securitization Trust 2013-A -- Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=717876

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=867474

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Contacts

Fitch Ratings
Surveillance Analyst
Eugene Kushnir, +1 212-908-0830
Associate Director
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Du Trieu, +1 312-368-2091
Senior Director
or
Media Relations:
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com

Contacts

Fitch Ratings
Surveillance Analyst
Eugene Kushnir, +1 212-908-0830
Associate Director
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Du Trieu, +1 312-368-2091
Senior Director
or
Media Relations:
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com