OREANDA-NEWS. Fitch Ratings has affirmed two classes of notes issued by Ally Auto Receivables Trust 2014-SN1. A full list of rating actions follows at the end of this release.

KEY RATING DRIVERS
The affirmation of the class A notes reflects loss coverage levels consistent with 'AAAsf'. Hard credit enhancement (CE) has grown for all classes since the transaction's close. Credit and residual losses have been within Fitch's initial expectations to date. The Stable Outlooks 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 analysis at the time of initial rating by increasing the 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.

Fitch's analysis of the Representations and Warranties (R&W) of Ally Auto Receivables Trust 2014-SN1 can be found in 'Ally Auto Receivables Trust 2014-SN1 - 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 affirmed the following classes:

--Class A-3 at 'AAAsf'; Outlook Stable;
--Class A-4 at 'AAAsf'; Outlook Stable.

Fitch does not rate classes B or C.