OREANDA-NEWS. August 03, 2015. Fitch Ratings has taken various rating actions on World Omni Automobile Lease Securitization Trusts 2013-A and 2014-A. A full list of rating actions follows at the end of this press release.

KEY RATING DRIVERS
The affirmation of the class A notes for both transactions and the upgrade to the class B notes for the 2013-A transaction reflects loss coverage levels consistent with 'AAAsf'. Hard credit enhancement (CE) has grown for all classes since close, and residual performance for both transactions is consistent with Fitch's initial expectations. The Stable Outlook for all the notes reflects Fitch's expectation for loss coverage and CE to continue to improve as the transaction amortizes.

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 transactions have 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 New Issue reports dated Sept. 5, 2013 for 2013-A and Sept. 4, 2014 for 2014-A. Fitch's analysis of the Representations and Warranties (R&W) of these transactions can be found in 'World Omni Automobile Lease Securitization 2013-A Appendix' and 'World Omni Automobile Lease Securitization 2014-A - 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 June 12, 2015.

Fitch has taken the following rating actions:

World Omni Automobile Lease Securitization 2013-A
-- Class A-2a affirmed at 'AAAsf'; Outlook Stable;
-- Class A-2b affirmed at 'AAAsf'; Outlook Stable;
--Class A-3 affirmed at 'AAAsf'; Outlook Stable;
--Class A-4 affirmed at 'AAAsf'; Outlook Stable;
--Class B upgraded to 'AAAsf' from 'AAsf'; Outlook Stable.

World Omni Automobile Lease Securitization 2014-A
-- Class A-2a affirmed at 'AAAsf'; Outlook Stable;
-- Class A-2b affirmed at 'AAAsf'; Outlook Stable;
--Class A-3 affirmed at 'AAAsf'; Outlook Stable;
--Class A-4 affirmed at 'AAAsf'; Outlook Stable;
--Class B affirmed at 'AAsf'; Outlook stable.