News Column

Fitch Affirms AmeriCredit Automobile Receivables Trust 2013-3

June 9, 2014

NEW YORK--(BUSINESS WIRE)-- As part of its ongoing surveillance, Fitch Ratings affirms six and revises the Outlook on four classes of the AmeriCredit Automobile Receivables Trust 2013-2 transaction as follows:

--Class A-2 at 'AAAsf'; Outlook Stable;

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

--Class B at 'AAsf'; Outlook revised to Positive from Stable;

--Class C at 'Asf'; Outlook revised to Positive from Stable;

--Class D at 'BBBsf'; Outlook Stable;

--Class E at 'BBsf'; Outlook Stable.

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. 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 AmeriCredit Financial Services, Inc.'s retail auto loan originations, the strength of its servicing capabilities, and the sound financial and legal structure of the transaction.

RATING SENSITIVITY

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 with losses within Fitch's initial expectations with rising loss coverage and multiple levels consistent with the current ratings. A material deterioration in performance would have to occur within the asset pool to have potential negative impact on the outstanding ratings.

Fitch's analysis of the Representation and Warranties (R&W) of this transaction can be found in 'AmeriCredit Automobile Receivables Trust 2013-3 -- 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 the Global Structured Finance Transactions' dated April 17, 2012.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Rating Criteria for U.S. Auto Loan ABS', dated April 7, 2014;

--'Global Structured Finance Rating Criteria' dated May 28, 2014;

--'AmeriCredit Automobile Receivables Trust 2013-3 -- Appendix' dated June 10, 2013.

Applicable Criteria and Related Research:

Rating Criteria for U.S. Auto Loan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=738718

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748821

AmeriCredit Automobile Receivables Trust 2013-3 -- Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=710234

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=833685

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.



Fitch Ratings

Primary Analyst

Khadija El Mediouri, +1-212-908-9109

Analyst

Fitch Ratings, Inc.

33 Whitehall St.

New York, NY 10004

or

Secondary Analyst

Hylton Heard, +1-212-908-0214

Senior Director

or

Committee Chairperson

Bradley Sohl, +1-212-908-0792

Senior Director

or

Media Relations

Sandro Scenga, New York, +1-212-908-0278

sandro.scenga@fitchratings.com

Source: Fitch Ratings


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