OREANDA-NEWS. S&P Global Ratings today assigned its ratings to AmeriCredit Automobile Receivables Trust 2016-3's $1.3 billion automobile receivables-backed notes series 2016-3 (see list).

The note issuance is an asset-backed securities transaction backed by subprime auto loan receivables.

The ratings reflect:The availability of approximately 41.3%, 35.8%, 28.8%, and 22.0% credit support for the class A-1, A-2-A, A-2-B, and A-3 (collectively, "class A"), B, C, and D notes, respectively (based on stressed cash flow scenarios, including excess spread). This provides coverage of more than 3.50x, 3.25x, 2.55x, and 1.93x our 10.00%-10.50% expected cumulative net loss range for the class A, B, C, and D notes, respectively. These credit support levels are commensurate with the assigned ratings. Our expectation that under a moderate (or 'BBB') stress scenario (all else being equal), our ratings on the notes will not decline by more than one rating category over a 12-month period. Our ratings stability criteria describe the outer bound of credit deterioration within one year as one rating category for 'AAA' and 'AA' rated securities and two rating categories for 'A', 'BBB', and 'BB' rated securities (see "Methodology: Credit Stability Criteria," published May 3, 2010). Credit enhancement in the form of subordination, overcollateralization, a reserve account, and excess spread. The timely interest and ultimate principal payments made under stressed cash flow modeling scenarios, which are consistent with the assigned ratings. The collateral characteristics of the securitized pool of subprime auto loans. General Motors Financial Co. Inc.'s (formerly known as AmeriCredit Corp.; BBB-/Positive/--) extensive securitization performance history since 1994.The transaction's payment and legal structures.