Fitch Ratings has taken various rating actions on World Omni Automobile Lease Securitization Trusts 2013-A and 2014-A. A full list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmation of the class A notes for both transactions and the upgrade to the class B notes for the 2013-A transaction reflects loss coverage levels consistent with 'AAAsf'. Hard credit enhancement (CE) has grown for all classes since close, and residual performance for both transactions is consistent with Fitch's initial expectations. The Stable Outlook for all the notes reflects Fitch's expectation for loss coverage and CE to continue to improve as the transaction amortizes.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults or deterioration in vehicle values could produce loss levels higher than the current expectations and impact available loss coverage. Lower loss coverage could impact ratings and Rating Outlooks, depending on the extent of the decline in coverage.

To date, the transactions have exhibited strong credit and residual performance, inside Fitch's initial expectations with rising loss coverage. Due to the growing CE levels and increased loss coverage afforded to the notes, a substantial deterioration in used vehicle values would have to occur to have a negative impact on the updated ratings.

DUE DILIGENCE USAGE

No third-party due diligence was provided or reviewed in relation to this rating action.

For Fitch's initial Key Rating Drivers, Rating Sensitivities and the full detail analysis for this transaction, please see the New Issue reports dated Sept. 5, 2013 for 2013-A and Sept. 4, 2014 for 2014-A. Fitch's analysis of the Representations and Warranties (R&W) of these transactions can be found in 'World Omni Automobile Lease Securitization 2013-A Appendix' and 'World Omni Automobile Lease Securitization 2014-A - Appendix'. These R&W are compared to those of typical R&W for the asset class as detailed in the special report 'Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions' dated June 12, 2015.

Fitch has taken the following rating actions:

World Omni Automobile Lease Securitization 2013-A

-- Class A-2a affirmed at 'AAAsf'; Outlook Stable;

-- Class A-2b affirmed at 'AAAsf'; Outlook Stable;

--Class A-3 affirmed at 'AAAsf'; Outlook Stable;

--Class A-4 affirmed at 'AAAsf'; Outlook Stable;

--Class B upgraded to 'AAAsf' from 'AAsf'; Outlook Stable.

World Omni Automobile Lease Securitization 2014-A

-- Class A-2a affirmed at 'AAAsf'; Outlook Stable;

-- Class A-2b affirmed at 'AAAsf'; Outlook Stable;

--Class A-3 affirmed at 'AAAsf'; Outlook Stable;

--Class A-4 affirmed at 'AAAsf'; Outlook Stable;

--Class B affirmed at 'AAsf'; Outlook stable.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Criteria for Rating U.S. Auto Lease ABS (pub. 24 Apr 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=864500

Global Structured Finance Rating Criteria (pub. 06 Jul 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952

Related Research

World Omni Automobile Lease Securitization Trust 2013-A -- Appendix

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=717876

World Omni Automobile Lease Securitization Trust 2014-A -- Appendix

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=770308

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=988850

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=988850

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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Fitch RatingsSurveillance AnalystAndrew TinariAnalyst+1-312-368-3127Fitch Ratings, Inc.70 W. Madison StreetChicago, IL 60602orCommittee ChairpersonHylton HeardSenior Director+1-212-908-0214orMedia Relations:Alyssa Castelli, +1-212-908-0540alyssa.castelli@fitchratings.com