--Class A-2 at 'AAAsf'; Outlook Stable;
--Class A-3 at 'AAAsf'; Outlook Stable;
--Class A-4 at 'AAAsf'; Outlook Stable.
KEY RATING DRIVERS
The rating is 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 Mercedes-Benz Financial Services
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 multiple levels for the transaction. Lower loss coverage could impact the 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 well within Fitch's initial expectations with rising loss coverage and multiple levels. As such, 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
Additional information is available at 'www.fitchratings.com'.
--'Rating Criteria for U.S. Auto Loan ABS' (
--'Global Structured Finance Rating Criteria' (
--'Mercedes-Benz Auto Receivables Trust 2013-1 - Appendix' (
Rating Criteria for U.S. Auto Loan ABS
Global Structured Finance Rating Criteria
Source: Fitch Ratings
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