OREANDA-NEWS. As part of its ongoing surveillance, Fitch Ratings has taken the following rating actions on the Santander Drive Auto Receivables Trust (SDART) 2012-6 and 2013-1 transactions:

2012-6:

--Class C upgraded to 'AAAsf' from 'AAsf'; Outlook revised to Stable from Positive;
--Class D upgraded to 'Asf' from 'BBBsf'; Outlook revised to Stable from Positive;
--Class E upgraded to 'BBBsf' from 'BBsf'; Outlook Stable.

2013-1:

--Class B affirmed at 'AAAsf'; Outlook Stable;
--Class C upgraded to 'AAsf' from 'Asf'; Outlook Positive;
--Class D upgraded to 'Asf' from 'BBBsf'; Outlook revised to Stable from Positive;
--Class E upgraded to 'BBBsf' from 'BBsf'; Outlook revised to Stable from Positive.

KEY RATING DRIVERS
The rating actions are based on available credit enhancement and loss performance. The collateral pools continue to perform within Fitch's expectations. Under the credit enhancement structures, the securities are able to withstand stress scenarios consistent with the current rating and make full payments to investors in accordance with the terms of the documents.

To date, the transactions have exhibited strong performance with losses within Fitch's initial expectations, with rising loss coverage and multiple levels consistent with the current ratings. A material deterioration in performance would have to occur within the asset pool to have potential negative impact on the outstanding ratings.

For the 2012-6, transaction, Fitch revised its loss proxy downward to 11.00%, as losses are currently extrapolating below Fitch's prior base case loss proxy of 15.00% assigned at the last review of the transaction. For the 2013-1, transaction, Fitch revised its loss proxy downward to 14.25%, as losses are currently extrapolating below Fitch's prior base case loss proxy of 16.25% assigned at the last review of the transaction. Based on current loss trends, Fitch expects CNL for both transactions to be in the 10%-15% range.

The upgrades reflect the improved loss coverage available to the notes. Further, Fitch will continue to monitor both transactions and may take additional rating actions in the future. The ratings reflect the quality of Santander Consumer USA, Inc.'s retail auto loan originations, the adequacy of its servicing capabilities, and the sound financial and legal structure of the transaction.

RATING SENSITIVITIES
Unanticipated increases in the frequency of defaults and loss severity could produce loss levels higher than the current projected base case loss proxies and impact available loss coverage and multiples levels for both transactions. Lower loss coverage could impact ratings and Rating Outlooks, depending on the extent of the decline in coverage.

In both transactions, the class E notes exhibit slight declines in loss coverage multiples under a back-ended loss timing scenario. All notes senior the class E notes in both structures show muted growth in net loss coverage under a back-ended loss timing scenario, although Fitch believes this scenario occurring to be remote.

DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation to this rating action.