OREANDA-NEWS. Fitch Ratings expects to assign the following ratings and Rating Outlooks to the notes issued by World Omni Auto Receivables Trust 2015-A (WOART 2015-A):

--\$141,000,000 class A-1 notes 'F1+sf';
--\$262,000,000 class A-2a/A-2b notes 'AAAsf'; Outlook Stable;
--\$204,000,000 class A-3 notes 'AAAsf'; Outlook Stable;
--\$84,410,000 class A-4 notes 'AAAsf'; Outlook Stable;
--\$14,810,000 class B notes 'AAsf'; Outlook Stable.

KEY RATING DRIVERS

Consistent Pool Quality: 2015-A has stable credit quality with a weighted average (WA) Fair Isaac Corp. N.A (FICO) score of 728 and new vehicles total 94%. 2015-A is geographically concentrated in the Southeast, consistent with historical World Omni originations.

High Percentage of Extended-Term Loans: Loans with original terms greater than 60 months total 72.6% in 2015-A. Extended-term loans have historically produced higher loss rates. However, the borrowers within this longer term range have strong obligor FICO scores. Fitch accounted for this risk in its determination of the loss proxy.

Adequate Credit Enhancement Structure: Credit enhancement (CE) in 2015-A is consistent with prior transactions. The structure is able to support multiples of Fitch's base case loss proxy of 1.95% that are commensurate with the expected ratings.

Evolving Wholesale Market: The U.S. wholesale vehicle market is normalizing following strong performance in recent years. Fitch expects increasing used vehicle supply from off-lease vehicles and trade-ins to pressure ABS recovery rates, leading to moderately higher loss rates.

Stable Portfolio/Securitization Performance: World Omni's portfolio and securitization delinquency and loss performance has improved since 2009 and has been relatively stable in 2013-2014.

Consistent Origination/Underwriting/Servicing: Fitch believes World Omni to be a capable originator, underwriter, and servicer for 2015-A as evidenced by the historical performance of its managed portfolio and securitizations.

Legal Structure Integrity: The legal structure of the transaction should provide that a bankruptcy of World Omni would not impair the timeliness of payments on the securities.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults and loss severity on defaulted receivables could produce loss levels higher than the base case. This in turn could result in Fitch taking negative rating actions on the notes.

Fitch evaluated the sensitivity of the ratings assigned to World Omni Auto Receivables Trust 2015-A to increased credit losses over the life of the transaction. Fitch's analysis found that the transaction displays some sensitivity to increased defaults and credit losses. The sensitivity analysis shows a potential downgrade of one category for both classes of notes under Fitch's moderate (1.5x base case loss) scenario. The notes could experience downgrades of two to three rating categories under Fitch's severe (2.5x base case loss) scenario.

Key Rating Drivers and Rating Sensitivities are further described in the accompanying presale report.

Fitch's analysis of the Representation and Warranties (R&W) of this transaction can be found in 'World Omni Auto Receivables Trust 2015-A--Appendix'. These R&W are compared to those of typical R&W for the asset class as detailed in Fitch's October 2014 special report, 'Representations, Warranties, and Enforcement Mechanisms in the Global Structured Finance Transactions'.