NEW YORK--(BUSINESS WIRE)--Fitch Ratings has affirmed the following outstanding notes issued by Ally Master Owner Trust (AMOT) as a result of its annual review of the trust:
AMOT, Series 2010-2
--$350,000,000 class A notes at 'AAAsf'; Outlook Stable;
--$34,180,000 class B notes at 'AAsf'; Outlook Stable;
--$25,977,000 class C notes at 'Asf'; Outlook Stable;
--$25,977,000 class D notes at 'BBBsf'; Outlook Stable.
AMOT, Series 2010-4
--$500,000,000 class A notes at 'AAAsf'; Outlook Stable;
--$48,262,000 class B notes at 'AAsf'; Outlook Stable;
--$36,680,000 class C notes at 'Asf'; Outlook Stable;
--$34,749,000 class D notes at 'BBBsf'; Outlook Stable.
AMOT, Series 2012-1
--$225,000,000 Class A-1 notes at 'AAAsf'; Outlook Stable;
--$525,000,000 Class A-2 notes at 'AAAsf'; Outlook Stable;
--$36,970,000 Class B notes at 'AAsf'; Outlook Stable;
--$58,099,000 Class C notes at 'Asf'; Outlook Stable;
--$42,254,000 Class D notes at 'BBBsf'; Outlook Stable.
AMOT, Series 2012-3
--$225,000,000 Class A-1 notes at 'AAAsf'; Outlook Stable;
--$400,000,000 Class A-2 notes at 'AAAsf'; Outlook Stable;
--$46,769,000 Class B notes at 'AAsf'; Outlook Stable;
--$34,014,000 Class C notes at 'Asf'; Outlook Stable;
--$25,510,000 Class D notes at 'BBBsf'; Outlook Stable.
AMOT, Series 2012-4
--$175,000,000 Class A notes at 'AAAsf'; Outlook Stable;
--$13,095,000 Class B notes at 'AAsf'; Outlook Stable;
--$9,524,000 Class C notes at 'Asf'; Outlook Stable;
--$7,143,000 Class D notes at 'BBBsf'; Outlook Stable.
AMOT, Series 2012-5
--$1,100,000,000 Class A notes at 'AAAsf'; Outlook Stable;
--$82,313,000 Class B notes at 'AAsf'; Outlook Stable;
--$59,864,000 Class C notes at 'Asf'; Outlook Stable;
--$44,989,000 Class D notes at 'BBBsf'; Outlook Stable.
AMOT, Series 2013-1
--$650,000,000 Class A-1 notes at 'AAAsf'; Outlook Stable;
--$350,000,000 Class A-2 notes at 'AAAsf'; Outlook Stable;
--$74,830,000 Class B notes at 'AAsf'; Outlook Stable;
--$54,422,000 Class C notes at 'Asf'; Outlook Stable;
--$40,816,000 Class D notes at 'BBBsf'; Outlook Stable.
AMOT, Series 2013-3
--$350,000,000 Class A notes at 'AAAsf'; Outlook Stable.
AMOT, Series 2014-1
--$600,000,000 Class A-1 notes at 'AAAsf'; Outlook Stable;
--$400,000,000 Class A-2 notes at 'AAAsf'; Outlook Stable.
AMOT, Series 2014-4
--$325,000,000 Class A-1 notes at 'AAAsf'; Outlook Stable;
--$650,000,000 Class A-2 notes at 'AAAsf'; Outlook Stable.
AMOT, Series 2014-5
--$225,000,000 Class A-1 notes at 'AAAsf'; Outlook Stable;
--$775,000,000 Class A-2 notes at 'AAAsf'; Outlook Stable.
KEY RATING DRIVERS
The affirmation on the notes is reflective of the available loss coverage, strong dealer health and stable trust performance metrics, consistent with the current ratings. The trust continues to perform within Fitch's expectations.
The rating actions are based on the application of Fitch's global dealer floorplan (DFP) ABS criteria, and the breakeven net loss coverage levels provided by the structure's credit enhancement, which is currently comprised of subordination that includes an unrated certificate and a 1% cash reserve account.
Fitch's review of the assumptions and stresses during the initial rating review and the current coverage levels, are consistent with the approach outlined in the criteria for Category B DFP platforms. AMOT's classification remains unchanged at Category B for the purposes of this review.
The assets securing the notes consist of an undivided interest in a pool of revolving DFP receivables that were originated by Ally Financial Inc. and Ally Bank, which are utilized to provide wholesale financing to U.S. automotive dealers from various automobile manufacturers.
Fitch will continue to monitor AMOT and may take additional rating action in the event of changes in performance and/or credit enhancement.
RATING SENSITIVITIES
To conduct rating sensitivity for the issued notes, under a category B DFP platform, Fitch assumes portfolio default levels at 5%, 10%, and 15%, and under two recovery-level scenarios of 50% and 30%. Fitch modeled this series with the assumption that the above defaults have occurred, reflecting asset performance in a stressed environment. Please refer to each individual transaction's presale report for further detail, the most recent of which is titled 'Ally Master Owner Trust, Series 2013-3', dated Sept. 24, 2013.
Fitch's analysis of the Representation and Warranties (R&W) of the transactions in this review initially rated on or after Sept. 26, 2011 can be found in the respective appendices listed below. 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 the Global Structured Finance Transactions' dated Oct. 31, 2014.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
--'Global Rating Criteria for Dealer Floorplan ABS' (Jan. 6, 2015);
--'Global Structure Finance Rating Criteria' (Aug. 4, 2014);
--'Ally Master Owner Trust, Series 2012-1 -- Appendix'(Feb. 13, 2012);
--'Ally Master Owner Trust, Series 2012-3 -- Appendix'(Jul. 16, 2012);
--'Ally Master Owner Trust, Series 2012-4 -- Appendix'(Jul. 16, 2012);
--'Ally Master Owner Trust, Series 2012-5 -- Appendix'(Oct. 4, 2012);
--'Ally Master Owner Trust, Series 2013-1 -- Appendix'(Feb. 8, 2013);
--'Ally Master Owner Trust, Series 2013-3 -- Appendix'(Sept. 24, 2013);
--'Ally Master Owner Trust, Series 2014-1 -- Appendix'(Jan. 27, 2014);
--'Ally Master Owner Trust, Series 2014-4 -- Appendix'(Jul. 7, 2014);
--'Ally Master Owner Trust, Series 2014-5 -- Appendix'(Nov. 3, 2014).
Applicable Criteria and Related Research:
Global Rating Criteria for Dealer Floorplan ABS
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=833468
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389
Additional Disclosure
Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=970095
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