--Class A-4 at 'AAAsf'; Outlook Stable;
--Class B at 'AAAsf'; Outlook Stable;
--Class C at 'AAAsf'; Outlook Stable.
KEY RATING DRIVERS
The affirmations on the remaining notes reflect loss coverage levels consistent with current ratings. The collateral pool has continued to perform well within Fitch's cumulative net losses expectations to date.
The ratings reflect the quality of Ally Financial Inc.'s (Ally) retail auto loan originations, the sound financial and legal structure of the transaction, and the strength of the servicing provided by Ally.
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 also 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, this transaction has exhibited strong performance and 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 collateral pool to have a potential negative impact on the outstanding ratings. Given the pool factor of the transaction, the probability of a material deterioration in performance is highly unlikely.
Additional information is available at 'www.fitchratings.com'.
--'Rating Criteria for U.S. Auto Loan ABS', dated
--'Global Structured Finance Rating Criteria', dated
Rating Criteria for U.S. Auto Loan ABS
Global Structured Finance Rating Criteria
Source: Fitch Ratings
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