OREANDA-NEWS. Fitch Ratings has taken the following rating actions on Hyundai Auto Lease Securitization Trust 2014-A and 2015-A:

Hyundai Auto Lease Securitization Trust 2014-A
--Class A-3 notes affirmed at 'AAAsf'; Outlook Stable;
--Class A-4 notes affirmed at 'AAAsf'; Outlook Stable;
--Class B notes upgraded to 'AAAsf' from 'AAsf'; Outlook revised to Stable from Positive.

Hyundai Auto Lease Securitization Trust 2015-A
--Class A-2 notes affirmed at 'AAAsf'; Outlook Stable;
--Class A-3 notes affirmed at 'AAAsf'; Outlook Stable;
--Class A-4 notes affirmed at 'AAAsf'; Outlook Stable;
--Class B notes affirmed at 'AAsf'; Outlook Stable.

KEY RATING DRIVERS
The affirmation of the class A notes in both transactions and the upgrade of the class B notes in 2014-A reflects loss coverage levels consistent with 'AAAsf'. Hard credit enhancement (CE) has grown for all classes in both transactions since close. Credit and residual losses for both transactions have been within Fitch's initial expectations to date. The Stable Outlooks for all classes reflects Fitch's expectation that the notes will remain sufficiently enhanced to cover stressed loss levels consistent with their current rating levels.

Fitch will continue to monitor economic conditions and their impact as well as trust level performance variables and update the ratings accordingly.

RATING SENSITIVITIES
Unanticipated decreases in the value of returned vehicles and/or increases in the frequency of defaults and loss severity on defaulted receivables could produce loss levels higher than the base case. This would likely result in declines of CE and loss coverage levels available to the notes.

Fitch conducted sensitivity analyses for both transactions at the time of initial rating by increasing each transaction's initial base case RV and credit loss assumptions and examining the rating implications on all classes of issued notes. The increases to the base case losses are applied such that they represent moderate (1.5x) and severe (2.5x) stresses, and are intended to provide an indication of the rating sensitivity of notes to unexpected deterioration of a trust's performance.

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 these transactions, please see the New Issue reports dated March 10, 2014 for 2014-A and February 26, 2015 for 2015-A. Fitch's analysis of the Representations and Warranties (R&W) of this transactions can be found in the following appendices: 'Hyundai Auto Lease Securitization Trust 2014-A - Appendix' and 'Hyundai Auto Lease Securitization Trust 2015-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.