OREANDA-NEWS. As part of its ongoing surveillance, Fitch Ratings has affirmed nine classes of Capital Auto Receivables Asset Trust (CARAT) 2015-2 as follows:

--Class A-1a at 'AAAsf'; Outlook Stable;
--Class A-1b at 'AAAsf'; Outlook Stable;
--Class A-2 at 'AAAsf'; Outlook Stable;
--Class A-3 at 'AAAsf'; Outlook Stable;
--Class A-4 at 'AAAsf'; Outlook Stable;
--Class B at 'AAsf'; Outlook Stable;
--Class C at 'Asf'; Outlook Stable;
--Class D at 'BBBsf'; Outlook Stable;
--Class E at 'BB-sf'; Outlook Stable.

KEY RATING DRIVERS
The rating actions are based on available credit enhancement (CE) and loss performance to date. The collateral pool continues to perform within Fitch's expectations. Under the current structure and CE, 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 initial recommended loss proxy of 5.60% for 2015-2 incorporated an additional stress considering the potential post-revolving worst-case collateral pool. This approach took into consideration a negative migration of the pool characteristics assuming the collateral migrates to the maximum collateral concentration limits during the revolving period.

To date, the additional collateral added to the pool in the revolving period has been consistent when compared to the initial pool. There have been minimal negative migrations with only one month left before the revolving period ends, after which the transaction will begin to amortize. As a result of the consistent collateral, increased seasoning, and low loss performance, Fitch revised its loss proxy down to 5.25%.

The revised proxy excludes the aforementioned additional stress given that there is only one month left during the revolving period, and Fitch expects the collateral to be very similar to the original pool mix at the end of this period.

The ratings reflect the quality of Ally Financial Inc.'s (AFIN) retail auto loan originations, the sound financial and legal structure of the transaction, and the strength of the servicing provided by Ally.

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 affect the 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 expectations. To date, the transactions have exhibited strong performance with losses well within 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 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 this rating action.