--Class A-3 notes at 'AAAsf'; Outlook Stable;
--Class A-4 notes at 'AAAsf'; Outlook Stable.
KEY RATING DRIVERS
The affirmations to the notes 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 decreases in the value of returned vehicles and/or increases in the frequency of defaults and loss severity on defaulted receivables could produce loss levels higher than the base case and could result in potential rating actions on the notes. At close, Fitch evaluated the sensitivity of the ratings assigned to
Fitch's stress and rating sensitivity analyses are discussed in the presale report titled 'Ally Auto Receivables Trust 2012-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 2012-SN1 (US ABS)'(
--'Ally Auto Receivables Trust 2012-SN1 Appendix' (
Criteria for Rating U.S. Auto Lease ABS
Global Structured Finance Rating Criteria
Source: Fitch Ratings
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