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Rating Action:

Moody's upgrades World Omni prime auto loan ABS from 2011

10 May 2012

Approximately $49 million of auto asset-backed securities affected

New York, May 10, 2012 -- Moody's has upgraded two subordinate tranches from World Omni Auto Receivables Trust 2011-A transaction.

The complete rating actions as follow:

Issuer: World Omni Auto Receivables Trust 2011-A

Cl. B, Upgraded to Aaa (sf); previously on Feb 15, 2012 Aa1 (sf) Placed Under Review for Possible Upgrade

Cl. C, Upgraded to Aa1 (sf); previously on Feb 15, 2012 A1 (sf) Placed Under Review for Possible Upgrade

RATINGS RATIONALE

The upgrade was prompted by the downward revision of the collateral net loss expectation and the further accretion of credit enhancement due to the non-declining reserve account. The Class B has also benefited from the build-up of credit protection under the sequential-pay structure. The early performance of this transaction, as well as the performance of the 2009 and 2010 transactions, indicate that the pool cumulative net loss of the 2011-A transaction will be lower than our original expectation of 2.00%. However, given the limited seasoning and reduction of the weighted average collateral FICO score, our loss expectation for the 2011-A transaction remains higher than for the 2010 transaction.

Below are key performance metrics and credit assumptions for the affected transaction. Credit assumptions include Moody's expected lifetime cumulative net loss expectation (CNL) which is expressed as a percentage of the original pool balance; Moody's lifetime remaining CNL expectation and Moody's Aaa (sf) level which are expressed as a percentage of the current pool balance (adjusted for yield supplement overcollateralization (YSOC)). The Aaa level is the level of credit enhancement that would be consistent with a Aaa (sf) rating for the given asset pool. Performance metrics include pool factor, which is the ratio of the current collateral balance and the original collateral balance at closing; total credit enhancement (expressed as a percentage of the outstanding collateral pool balance adjusted for YSOC) which typically consists of subordination, overcollateralization, reserve fund; and YSOC. The YSOC compensates for the lower APR on the subvened loans.

World Omni Auto Receivables Trust 2011-A (as of the April 16, 2012 distribution date)

Lifetime CNL expectation - 1.50%, prior expectation (February) -- 1.25% to 1.75%

Lifetime Remaining CNL expectation -- 1.75%

Aaa (sf) level - Approximately 9.5%

Pool factor - 61.88%

Total Hard credit enhancement - Cl. A - 15.87%, Cl. B - 11.13%, Cl. C - 6.4%

Excess Spread per annum - Approximately 1.4%

YSOC - Approximately 4.00%

Ratings on the notes may be downgraded if the lifetime CNL expectation is increased by 15%.

The performance expectations for a given variable indicate Moody's forward-looking view of the likely range of performance over the medium term. From time to time, Moody's may, if warranted, change these expectations. Performance that falls outside the given range may indicate that the collateral's credit quality is stronger or weaker than Moody's had anticipated when the related securities ratings were issued. Even so, a deviation from the expected range will not necessarily result in a rating action nor does performance within expectations preclude such actions. The decision to take (or not take) a rating action is dependent on an assessment of a range of factors including, but not exclusively, the performance metrics.

Primary sources of assumption uncertainty are the current macroeconomic environment, in which unemployment continues to remain at elevated levels, and strength in the used vehicle market. Moody's currently views the used vehicle market as much stronger now than it was at the end of 2008 when the uncertainty relating to the economy, as well as the future of the U.S auto manufacturers, was significantly greater. Overall, Moody's expects a sluggish recovery in most of the world's largest economies, returning to trend growth rate with elevated fiscal deficits and persistent unemployment levels.

The principal methodology used in this rating was "Moody's Approach to Rating U.S. Auto Loan Backed Securities" published in May 2011. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Information sources used to prepare the rating are the following: parties involved in the ratings, parties not involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's did not receive or take into account a third-party assessment on the due diligence performed regarding the underlying assets or financial instruments related to the monitoring of this transaction in the past six months.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Aron Bergman
Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Eric Fellows
VP - Senior Credit Officer
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's upgrades World Omni prime auto loan ABS from 2011
No Related Data.
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