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Fitch Ratings affirms outstanding classes from Fifth Third Auto Trust.

New York: Fitch Ratings, a nationally recognized statistical rating organization (NRSRO) designated by the U.S. Securities and Exchange Commission, affirmed the outstanding classes from Fifth Third Auto Trust, Series 2015-1.

The affirmation of the outstanding class A notes reflects loss coverage levels consistent with current transaction ratings. The Stable Outlooks reflect Fitch's expectation for loss coverage and credit enhancement (CE) to continue to improve as the transaction amortizes. Since inception, asset performance has been comfortably within Fitch's base case expectations as evidenced by low delinquencies and cumulative net losses (CNL). The securities are able to withstand stress scenarios consistent with the recommended ratings, and make full payments to investors in accordance with the terms of the documents.

The 60+ day delinquency rate was 0.57% and CNLs were at 0.44%, tracking well below Fitch's initial net loss proxy. Hard CE has increased to 22.59% (of the adjusted collateral balance) for the class A notes, from the initial level of 4.50%. Based on transaction-specific performance to date, Fitch utilized a lifetime CNL proxy of 0.60% for this review using the pool factor method. Given the strong collateral performance and significant increase in CE since transaction close, cash flow modeling was not completed for this review, consistent with criteria. However, under the utilized loss proxy, current CE for the class A notes comfortably supports implied multiples well in excess of 5x for the 'AAAsf' rating.

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Publication:Daily the Pak Banker (Lahore, Pakistan)
Date:Sep 27, 2018
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