NEW YORK—As part of its ongoing surveillance, Fitch Ratings has taken various rating actions on four AmeriCredit Automobile Receivables Trusts as follows:
AmeriCredit Automobile Receivables Trust 2013-2
--Class B affirmed at 'AAAsf'; Outlook Stable;
--Class C affirmed at 'AAAsf'; Outlook Stable;
--Class D upgraded to 'AAsf' from 'Asf'; Outlook Positive;
--Class E upgraded to 'Asf' from 'BBBsf'; Outlook Positive.
AmeriCredit Automobile Receivables Trust 2013-3
--Class B affirmed at 'AAAsf'; Outlook Stable;
--Class C affirmed at 'AAAsf'; Outlook Stable;
--Class D upgraded to 'AAsf' from 'Asf'; Outlook Positive;
--Class E upgraded to 'Asf' from 'BBBsf'; Outlook Positive.
AmeriCredit Automobile Receivables Trust 2014-2
--Class A-3 affirmed at 'AAAsf'; Outlook Stable;
--Class B affirmed at 'AAAsf'; Outlook Stable;
--Class C upgraded to 'AAAsf' from 'AAsf'; Outlook revised to Stable from Positive;
--Class D upgraded to 'Asf' from 'BBBsf'; Outlook Positive;
--Class E upgraded to 'BBBsf' from 'BBsf'; Outlook Positive.
AmeriCredit Automobile Receivables Trust 2015-3
--Class A-2A affirmed at 'AAAsf'; Outlook Stable;
--Class A-2B affirmed at 'AAAsf'; Outlook Stable;
--Class A-3 affirmed at 'AAAsf'; Outlook Stable;
--Class B affirmed at 'AAsf'; Outlook revised to Positive from Stable;
--Class C affirmed at 'Asf'; Outlook revised to Positive from Stable;
--Class D affirmed at 'BBBsf'; Outlook Stable.
The class E notes are not rated.
KEY RATING DRIVERS
The rating actions are based on available credit enhancement and loss performance. The collateral pools continue to perform within Fitch's expectations. Under the credit enhancement structure, the securities are able to withstand stress scenarios consistent with the current ratings and make full payments to investors in accordance with the terms of the documents.
The ratings reflect the quality of AmeriCredit Financial Services, Inc.'s (dba GM Financial) retail auto loan originations, the strength of its servicing capabilities, and the sound financial and legal structure of the transaction.
RATING SENSITIVITIES
Unanticipated increases in the frequency of defaults and loss severity could produce loss levels higher than the current projected base case loss proxies and impact available loss coverage and multiples levels for the transactions. 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 transactions, 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 transactions have exhibited strong performance with losses within Fitch's initial expectations with rising loss coverage and multiple levels consistent with the current ratings. A material deterioration in performance would have to occur within the asset pools to have potential negative impact on the outstanding ratings.
DUE DILIGENCE USAGE
No third-party due diligence was provided or reviewed in relation to these rating actions.
Additional information is available at www.fitchratings.com.
Applicable Criteria
Counterparty Criteria for Structured Finance and Covered Bonds (pub. 14 May 2014)
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=744158
Criteria for Interest Rate Stresses in Structured Finance Transactions and Covered Bonds (pub. 17 May 2016)
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=879815
Criteria for Servicing Continuity Risk in Structured Finance (pub. 17 Dec 2015)
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=875586
Global Structured Finance Rating Criteria (pub. 27 Jun 2016)
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=883130
Rating Criteria for U.S. Auto Loan ABS (pub. 21 Mar 2016)
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=878723
Additional Disclosures
Dodd-Frank Rating Information Disclosure Form
https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=1009016
Solicitation Status
https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1009016
Endorsement Policy
https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31
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Contacts
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Cole MacKenzie
Analyst
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Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
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Du Trieu
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or
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sandro.scenga@fitchratings.com
