OREANDA-NEWS. Fitch Ratings has upgraded one and affirmed three classes of notes issued by Wheels SPV, LLC, Series 2012-1 as detailed below:

--Class A-2 notes affirmed at 'AAAsf'; Outlook remains Stable;
--Class A-3 notes affirmed at 'AAAsf'; Outlook remains Stable;
--Class B notes affirmed at 'AAAsf'; Outlook remains Stable;
--Class C notes upgraded to 'AAAsf' from 'AAsf'; Outlook Stable.

The Wheels SPV, LLC, Series 2012-1 pool has collateral characteristics and risks similar to corporate collateralized debt obligations (CDOs) and auto lease securitizations. As such, Fitch used elements of the rating methodologies detailed in the criteria for both of these asset classes which include 'Global Rating Criteria for Corporate CDOs' dated July 2014 and 'Criteria for Rating U.S. Auto Lease ABS' dated April 2014. For detail regarding the application of these criteria, please refer to the Wheels SPV, LLC, Series 2012-1 (US ABS) presale report available on 'www.fitchratings.com'.

KEY RATING DRIVERS:

As compared to the prior review, the obligor and industry concentrations remain similar. Fitch's analysis of Wheels SPV, LLC, Series 2012-1 incorporates the derivation of net loss expectations utilizing its proprietary Portfolio Credit Model, the results of which continue to support the assigned ratings.

The affirmations to the class A and B notes, and upgrade of class C notes reflect the strong pool composition and performance of the underlying receivables as evidenced by the low delinquency and loss rates, as well as increasing support provided by credit enhancement.

Fitch will continue to monitor economic conditions and their impact and the trust level performance variables and update the ratings accordingly.

RATING SENSITIVITIES:

Unanticipated increases in the frequency of defaults could produce default levels higher than the projected base case default proxy and impact available default coverage and multiples levels. Lower default coverage could impact ratings and Rating Outlooks, depending on the extent of the decline in coverage. In Fitch's initial review of the transaction, the notes were found to have limited sensitivity to changes in obligor credit profiles and recovery rates associated with the high concentration of truck collateral in the pool. A material deterioration in performance would have to occur within the asset pool to have potential negative impact on the outstanding ratings.