OREANDA-NEWS. Fitch Ratings has assigned an 'AAAsf' rating to the class A notes of Ally Master Owner Trust (AMOT) series 2015-3. The Rating Outlook is Stable. See the full list of ratings at the end of this release.

KEY RATING DRIVERS

Quality of Wholesale Receivables: The trust receivables backing this series have a high percentage of floorplan loans backing new vehicles (89.4%) and strong aging distribution, with only 4.7% of inventory aged past 270 days. The receivables are geographically diverse.

Adequate Diversification: The top 20 dealers in the trust represented 14.0% of the receivables balance as of May 12, 2015. Dealers are subject to concentration limits, mitigating the risks associated with individual dealer defaults and losses. Concentration limits are also in place to limit exposure to individual vehicle types, manufacturers and segments.

Strength of Dealer Network: Based on a review of dealer financial metrics, the financial health of Ally's dealer network in 2015 is stable, with the majority of dealers profitable at income levels historically high through the first quarter. The lowering U.S. unemployment rate and other positive domestic macroeconomic indicators have driven auto sales historically higher over the past year.

Stable Trust Performance: AMOT is experiencing consistent performance trends, including stable MPRs, low agings and minimal dealer defaults. However, due to increased competition in the floorplan lending market, yields have decreased each year since 2011, averaging 4.03% in 2014. Thus far in 2015, yields have further compressed, averaging 3.83% through April.

Sufficient Credit Enhancement: Initial credit enhancement (CE) for the class A notes is 26.5% (25.5% subordination and 1.0% reserve account, both of initial note balance), consistent with series issued in 2014 and 2015. Structural features such as early amortization triggers mitigate risks of dealer/manufacturer defaults/bankruptcies.

Consistent Origination and Servicing: Ally demonstrates adequate abilities as originator, underwriter and servicer, as evidenced by loss performance and limited exposure to dealer defaults.

Legal Analysis: The legal structure of the transaction provides that a bankruptcy of Ally would not impair the timeliness of payments on the securities.

RATING SENSITIVITIES
To conduct rating sensitivity for the issued notes, under a category B Dealer Floorplan platform, Fitch assumes portfolio default levels at 10%, 25%, and 40%, and under two recovery-level scenarios of 50% and 30%. Fitch modelled this series with the assumption that the above defaults have occurred and recoveries were stressed accordingly, reflecting asset performance in a stressed environment. Remaining expected loss levels were compared with the stressed loss assumption grid commensurate with various rating levels.

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

Fitch has issued the following ratings:
--\\$675,000,000 class A notes at 'AAAsf; Outlook Stable;
--\\$49,832,000 class B notes at 'NRsf';
--\\$36,242,000 class C notes at 'NRsf';
--\\$27,181,000 class D notes at 'NRsf';
--\\$117,785,000 class E notes at 'NRsf'.

In the presale report published on May 22, 2015, Fitch issued expected ratings of 'AAAsf' for the class A-1 and A-2 notes. Since publication of the presale, Ally opted to condense the A-1 and A-2 notes into a single class A note offering due to market demand. As such, the expected ratings on the class A-2 notes have been withdrawn.