OREANDA-NEWS. November 24, 2015. Fitch Ratings has affirmed 2 classes of the Harley-Davidson Motorcycle Trust 2011-2. A full list of rating actions follows at the end of this press release.

KEY RATING DRIVERS
The rating affirmations are based on available credit enhancement and loss performance. The collateral pool continues to perform within Fitch's expectations. Based on the current structure and credit enhancement, the securities are able to withstand stress scenarios consistent with the original ratings and make full payments to investors in accordance with the terms of the documents.

RATING SENSITIVITIES
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 multiple 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 increase of Fitch's base case loss expectation and moderate sensitivity to a 2.5x increase. To date, the transaction has exhibited solid performance with losses well within Fitch's initial expectations. In addition, increasing credit enhancement levels has resulted in rising loss coverage and multiples. As such, a strong material deterioration in performance would have to occur within the asset pools to have potential negative impact on the outstanding ratings.

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

Fitch's analysis of the Representation and Warranties (R&W) of 2011-2 can be found in 'Harley-Davidson Motorcycle Trust 2011-2 -- Appendix'. The 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 the Global Structured Finance Transactions' dated June 12, 2015.

Fitch has affirmed the following ratings:
--Class B notes at 'AAAsf'; Outlook Stable;
--Class C notes at 'AAAsf'; Outlook Stable.