OREANDA-NEWS. As part of its ongoing surveillance, Fitch Ratings has taken the following rating actions on Hyundai Auto Receivables Trust 2014-B:

--Class A-3 affirmed at 'AAAsf'; Outlook Stable;
--Class A-4 affirmed at 'AAAsf'; Outlook Stable;
--Class B upgraded to 'AAAsf' from 'AAsf'; Outlook Stable;
--Class C upgraded to 'AAsf' from 'Asf'; Outlook Positive;
--Class D affirmed at 'BBBSf'; Outlook Positive.

KEY RATING DRIVERS
The ratings are based on available credit enhancement and loss performance. Under the credit enhancement structure, the securities are able to withstand stress scenarios consistent with the current ratings and make full payments to investors in accordance with the terms of the documents. The ratings reflect the quality of Hyundai Capital America retail auto loan originations, the strength of its servicing capabilities, and the sound financial and legal structure of the transaction. The Positive Outlook on the subordinate notes reflects Fitch's expectation that as loss coverage levels improve positive rating actions are likely over the course of the next year.

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 multiples 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 and 2.5x increase of Fitch's base case loss expectation. To date, the transaction has exhibited strong performance consistent with Fitch's initial expectations with rising loss coverage and multiple levels. This increased loss coverage has further reduced the sensitivity of assigned ratings to increased loss levels.

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