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NEW YORK--(BUSINESS WIRE)--As part of its ongoing surveillance, Fitch Ratings affirms the
outstanding notes of Porsche Financial Auto Securitization Trust 2011-1
as follows:
--Class A-2 at 'AAAsf'; Outlook Stable;
--Class A-3 at 'AAAsf'; Outlook Stable;
--Class A-4 at 'AAAsf'; Outlook Stable.
The ratings are based on available credit enhancement and loss
performance. The collateral pool continues to perform within Fitch's
expectations. Under the credit enhancement structure, the securities are
able to withstand stress scenarios consistent with the current ratings
and make full payments to investors in accordance with the terms of the
documents.
The ratings reflect the quality of Porsche Financial Services 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' (April 20, 2011);
--'Global Structured Finance Rating Criteria' (Aug. 4, 2011).
Applicable Criteria and Related Research:
Criteria for Rating U.S. Auto Lease ABS
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=678137
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646569
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.
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