Fitch Affirms Two Classes of Fifth Third Auto Trust 2014-3 at AAAsf; Outlook Stable

NEW YORK--()--As part of its ongoing surveillance, Fitch Ratings has affirmed the two outstanding classes of Fifth Third Auto Trust 2014-3. A full list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The rating 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 assigned ratings and make full payments to investors in accordance with the terms of the documents.

The ratings reflect the quality of Fifth Third Bank's retail auto loan originations, the strength of its servicing capabilities, and the sound financial and legal structure of the transactions.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults and loss severity on defaulted receivables could produce loss levels higher than the base case. This could result in potential rating actions on the notes.

In its initial review of the transaction, Fitch evaluated the sensitivity of the ratings assigned to the class A notes of Fifth Third Auto Trust 2014-3 to increased losses over the life of the transaction. Fitch's analysis found that the class A notes display minor sensitivity to increased defaults and losses under Fitch's moderate (1.5x base case loss) scenario; however, the class A notes could experience a downgrade of up to one rating category under Fitch's severe (2.5x base case loss) scenario.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G-10

Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action.

Fitch has affirmed the following ratings:

Fifth Third Auto Trust 2014-3

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

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

Additional information is available at www.fitchratings.com.

Applicable Criteria

Counterparty Criteria for Structured Finance and Covered Bonds (pub. 18 Jul 2016)

https://www.fitchratings.com/site/re/884963

Criteria for Servicing Continuity Risk in Structured Finance (pub. 17 Dec 2015)

https://www.fitchratings.com/site/re/875586

Global Structured Finance Rating Criteria (pub. 27 Jun 2016)

https://www.fitchratings.com/site/re/883130

Rating Criteria for U.S. Auto Loan ABS (pub. 21 Mar 2016)

https://www.fitchratings.com/site/re/878723

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=1011112

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1011112

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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Contacts

Fitch Ratings
Primary Analyst
Brian Coffey
Associate Director
+1-212-908-0399
Fitch Ratings, Inc.
33 Whitehall Street,
New York, NY 10004
or
Committee Chairperson
Tracy Wan
Senior Director
+1-212-908-9171
or
Media Relations:
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst
Brian Coffey
Associate Director
+1-212-908-0399
Fitch Ratings, Inc.
33 Whitehall Street,
New York, NY 10004
or
Committee Chairperson
Tracy Wan
Senior Director
+1-212-908-9171
or
Media Relations:
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com