Fitch Ratings has affirmed the following ratings on World Omni Automobile Lease Securitization Trusts 2014-A and 2015-A and revised Outlooks as indicated:

World Omni Automobile Lease Securitization 2014-A

--Class A-2a at 'AAAsf'; Outlook Stable;

--Class A-2b at 'AAAsf'; Outlook Stable;

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

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

--Class B at 'AAsf'; Outlook revised to Positive from Stable.

World Omni Automobile Lease Securitization 2015-A

--Class A-2a at 'AAAsf'; Outlook Stable;

--Class A-2b at 'AAAsf'; Outlook Stable;

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

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

--Class B at 'AAsf'; Outlook Stable.

KEY RATING DRIVERS

The affirmation of all outstanding classes reflects loss coverage levels consistent with the current rating levels. Hard credit enhancement (CE) has grown for all classes since close, and residual performance for both transactions is consistent with Fitch's initial expectations. The Positive Outlook designation for the class B notes in the 2014-A transaction reflects the possibility for further positive rating action in the next 12 to 18 months, while the Stable Outlook designation for other outstanding notes reflects Fitch's expectation for loss coverage and CE to continue to improve as the transaction amortizes.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults or deterioration in vehicle values could produce loss levels higher than the current expectations and impact available loss coverage. Lower loss coverage could impact ratings and Rating Outlooks, depending on the extent of the decline in coverage.

At the time of initial rating, Fitch conducts sensitivity analyses by increasing the each transaction's initial base case residual value (RV) and credit loss assumptions and examining the rating implications on all classes of issued notes. The increases to the base case losses are applied such that they represent moderate (1.5x) and severe (2.5x) stresses, and are intended to provide an indication of the rating sensitivity of notes to unexpected deterioration of a trust's performance.

DUE DILIGENCE USAGE

No third-party due diligence was provided or reviewed in relation to this rating action.