--Class A-2 notes at 'AAAsf'; Outlook Stable;
--Class A-3 notes at 'AAAsf'; Outlook Stable;
--Class A-4 notes at 'AAAsf'; Outlook Stable;
KEY RATING DRIVERS
The affirmations reflect the increase in credit enhancement since closing and strong collateral performance. Credit losses have been well within Fitch's expectations and residual performance has been producing cumulative gains.
Fitch will continue to monitor economic conditions and their impact and the trust level performance variables and update the ratings accordingly.
Unanticipated increases in the frequency of defaults or deterioration in vehicle values could produce loss levels higher than the current expectations and impact available loss coverage. Lower loss coverage could impact ratings and Rating Outlooks, depending on the extent of the decline in coverage.
To date, the transaction has exhibited strong credit and residual performance, well within Fitch's initial expectations with rising loss coverage. Due to the growing credit enhancement levels and increased loss coverage afforded to the notes, a substantial deterioration in used vehicle values would have to occur to have a negative impact on the updated ratings.
Fitch's stress and rating sensitivity analyses are discussed in the presale reports titled 'Ally Auto Receivables Trust 2013-SN1 (US ABS)', dated
Individual Representations, Warranties, and Enforcement Mechanisms reports are available for all structured finance transactions initially rated on or after
Additional information is available at 'www.fitchratings.com'.
The information used to assess these ratings was sourced from the issuer, periodic trustee reports, note valuation reports, and the public domain.
--'Criteria for Rating U.S. Auto Lease ABS' (
--'Global Structured Finance Rating Criteria' (
--'Ally Auto Receivables Trust 2013-SN1 (US ABS)' (
--'Ally Auto Receivables Trust 2013-SN1 Appendix' (
Criteria for Rating U.S. Auto Lease ABS
Global Structured Finance Rating Criteria
Source: Fitch Ratings
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