OREANDA-NEWS. Fitch Ratings has affirmed Porsche Innovative Lease Owner Trust 2014-1. A full list of rating actions follows at the end of this release.

KEY RATING DRIVERS

The ratings affirmation of the class A notes reflects loss coverage levels consistent with their current ratings. Hard credit enhancement (CE) has grown for all classes since close and residual performance has recorded cumulative gains. The Stable Outlooks reflect Fitch's expectation that the notes will remain sufficiently enhanced to cover stressed credit and residual loss levels consistent with a 'AAAsf' rating.

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.

To date, the transaction has exhibited strong credit and residual performance, inside Fitch's initial expectations with rising loss coverage. Due to the growing CE levels and increased loss coverage afforded to the notes, a substantial deterioration in used vehicle values would have to occur to have a negative impact on the updated ratings.

DUE DILIGENCE USAGE

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

For Fitch's initial Key Rating Drivers, Rating Sensitivities and the full detail analysis for this transaction, please see the Presale report titled "Porsche Innovative Lease Owner Trust 2014-1 (US ABS)," dated September 11, 2014.

Fitch has affirmed the following ratings:

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

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