OREANDA-NEWS. April 21, 2015. As part of its ongoing surveillance, Fitch Ratings affirms six classes of Hyundai Auto Receivables Trust 2014-B as follows:

--Class A-2 at 'AAAsf'; Outlook Stable;
--Class A-3 at 'AAAsf'; Outlook Stable;
--Class A-4 at 'AAAsf'; Outlook Stable;
--Class B at 'AAsf'; Outlook Positive;
--Class C at 'Asf'; Outlook Positive;
--Class D at 'BBBsf'; Outlook Positive.

KEY RATING DRIVERS

The ratings are based on available credit enhancement and loss performance. 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 Hyundai Capital America retail auto loan originations, the strength of its servicing capabilities, and the sound financial and legal structure of the transaction. The Positive Outlook on the subordinate notes reflects Fitch's expectation that as loss coverage levels improve positive rating actions are likely over the course of the next year.

RATING SENSITIVITY

Unanticipated increases in the frequency of defaults and loss severity could produce loss levels higher than the current projected base case loss proxy and impact available loss coverage and multiples levels for the transaction. 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 transaction, 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 transaction has exhibited strong performance consistent with Fitch's initial expectations with rising loss coverage and multiple levels. This increased loss coverage has further reduced the sensitivity of assigned ratings to increased loss levels.

Fitch's analysis of the Representation and Warranties (R&W) of this transaction can be found in 'Hyundai Auto Receivables Trust Trust 2014-B - Appendix'. These R&W are compared to those of typical R&W for the asset class as detailed in the special report 'Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions' dated March 26, 2015.