Fitch Affirms Three Classes of World Omni Auto Receivables Trust 2014-B

NEW YORK--()--As part of its ongoing surveillance, Fitch Ratings has affirmed the ratings of three outstanding classes of the World Omni Auto Receivables Trust 2014-B. 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 in line with Fitch's expectations. Based on the current structure and credit enhancement, the securities are able to withstand stress scenarios consistent with the original ratings and make full payments to investors in accordance with the terms of the documents.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults and loss severity could produce loss levels higher than the current projected base case loss proxy and impact available loss coverage and multiples levels for the transaction. Lower loss coverage could impact ratings and Rating Outlooks, depending on the extent of the decline in coverage.

In Fitch's initial review of the transaction, the notes were found to have limited sensitivity to a 1.5x and 2.5x increase of Fitch's base case loss expectation. To date, the transaction has exhibited stable performance with losses in line with Fitch's initial expectations with rising loss coverage and multiple levels. As such, a material deterioration in performance would have to occur within the asset pool to have potential negative impact on the outstanding ratings.

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:

World Omni Auto Receivables Trust 2014-B:

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

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

--Class B at 'AAsf'; 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

Related Research

World Omni Auto Receivables Trust 2014-B -- Appendix

https://www.fitchratings.com/site/re/798768

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=1011114

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1011114

Endorsement Policy

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

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Contacts

Fitch Ratings
Primary Analyst
Yun Tian
Associate Director
+1-212-908-0307
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
Yun Tian
Associate Director
+1-212-908-0307
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