Fitch Takes Various Actions on AmeriCredit Automobile Receivables Trusts
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.
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