CHICAGO--(BUSINESS WIRE)--Fitch Ratings has affirmed class A and B of MVW Owner Trust 2014-1. A full list of rating actions follows at the end of this press release.
KEY RATING DRIVERS
The affirmations of the class A notes at 'Asf' and B notes at 'BBBsf' reflect loss coverage levels consistent with their current ratings. Cumulative gross defaults have been within Fitch's initial expectations to date. The Stable Outlooks on the A and B notes reflects Fitch's expectation that they will remain sufficiently enhanced to cover stressed losses consistent with their respective ratings.
Unanticipated increases in the frequency of defaults could produce loss levels higher than the current expectations and impact available loss coverage. Lower loss coverage could affect ratings and Rating Outlooks, depending on the extent of the decline in coverage.
To date, the transaction has exhibited performance within Fitch's initial expectations with rising loss coverage. Default coverage and multiple levels are consistent with the current ratings. A material deterioration in performance would have to occur within the asset pool to have potential negative impact on the outstanding ratings.
DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation to this rating action.
For Fitch's initial Key Rating Drivers, Rating Sensitivities and the full detail analysis for this transaction, please see the New Issue report dated Sept. 22, 2014. Fitch's analysis of the Representations and Warranties (R&W) of this transaction can be found in 'MVW Owner Trust 2014-1 - Appendix'. 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 Global Structured Finance Transactions' dated March 26, 2015.
Fitch has affirmed the following ratings:
--Class A notes at 'Asf'; Outlook Stable;
--Class B notes at 'BBBsf'; Outlook Stable.
Additional information is available at www.fitchratings.com.
Counterparty Criteria for Structured Finance and Covered Bonds (pub. 14 May 2014)
Criteria for Rating U.S. Timeshare Loan ABS (pub. 03 Jun 2015)
Global Structured Finance Rating Criteria (pub. 06 Jul 2015)
MVW Owner Trust 2014-1 -- Appendix
Dodd-Frank Rating Information Disclosure Form