Market Overview

Fitch Affirms Honda Auto Receivables Owner Trust 2011-1 (HAROT)

NEW YORK--(BUSINESS WIRE)--

Fitch Ratings affirms two classes of Honda Auto Receivables Owner Trust (HAROT) 2011-1 transaction as part of its ongoing surveillance, as follows:

Honda Auto Receivables 2011-1 Owner Trust:
--Class A-3 at 'AAAsf'; Outlook Stable;
--Class A-4 at 'AAAsf'; Outlook Stable.

The rating affirmations are based on available credit enhancement and loss performance to date. The collateral pools continue to perform within Fitch's expectations. In addition, under the credit enhancement structure, the securities are able to withstand stress scenarios consistent with the original ratings and make full payments to investors in accordance with the terms of the documents.

The ratings reflect the quality of American Honda Finance Corporation's (AHFC) retail auto loan originations, the strength of its servicing capabilities and the sound financial and legal structure of the transaction.

Additional information is available at www.fitchratings.com. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:
--'U.S. Auto Loan ABS Rating Criteria', dated April 16, 2012;
--'Global Structured Finance Rating Criteria', dated June 6, 2012.

Applicable Criteria and Related Research:
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

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 Ratings
Primary Analyst:
John Alberici, +1-212-908-0370
Analyst
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Committee Chairperson:
Hylton Heard, +1-212-908-0214
Senior Director
or
Media Relations:
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com

 

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