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Rating Action:

Moody's upgrades two and reviews an additional two World Omni prime auto ABS for possible upgrade

09 May 2011

Approximately $239 million of auto asset-backed securities affected

New York, May 09, 2011 -- Moody's has upgraded two tranches from 2008 and placed on review for possible upgrade two more tranches from 2009 and 2010. The affected tranches are sponsored by World Omni Financial Corp.

Issuer: World Omni Auto Receivables Trust 2008-A

Cl. B, Upgraded to Aaa (sf); previously on Feb 3, 2011 A1 (sf) Placed Under Review for Possible Upgrade

Issuer: World Omni Auto Receivables Trust 2008-B

Cl. B, Upgraded to Aa1 (sf); previously on Feb 3, 2011 A2 (sf) Placed Under Review for Possible Upgrade

Issuer: World Omni Auto Receivables Trust 2009-A

Cl. B, Aa3 (sf) Placed Under Review for Possible Upgrade; previously on Sep 3, 2010 Assigned Aa3 (sf)

Issuer: World Omni Auto Receivables Trust 2010-A

Cl. B, Aa3 (sf) Placed Under Review for Possible Upgrade; previously on Feb 8, 2010 Definitive Rating Assigned Aa3 (sf)

RATINGS RATIONALE

The upgrades and reviews for upgrade were prompted by a downward revision of collateral loss expectations and further accretion of credit enhancement due to non-declining reserve accounts and overcollateralization floors.

The two 2008 transactions feature cumulative net loss triggers that enable the additional reserve account, that was put in place in 2009, to step down at certain points of time. The 2008-A transaction has complied with its final credit enhancement step-down trigger and the reserve account balance stepped down last month. Based on current performance, in the next few months, Moody's expects the reserve account for the 2008-B transaction to step down as well due to compliance with the final credit enhancement step-down trigger. Following the step down, the reserve account will be the total of 0.25% of the original pool balance and 2.25% of the outstanding pool balance.

Below are key performance metrics (as of the April 2011 distribution date) and credit assumptions for each affected transaction. Credit assumptions include Moody's expected lifetime CNL expectation which is expressed as a percentage of the original pool balance; and Moody's lifetime remaining CNL expectation and Aaa levels which are expressed as a percentage of the current pool balance (adjusted for YSOC). The Aaa level is the level of credit enhancement that would be consistent with a Aaa 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, and a reserve fund; YSOC; and per annum excess spread. The YSOC compensates for the lower APR on the subvened loans.

Issuer: World Omni Auto Receivables Trust 2008-A

Lifetime CNL expectation -- 4.50%

Lifetime Remaining CNL expectation -- 3.28%

Aaa level -- Approximately 11.50%

Pool factor - 23.78%

Total credit enhancement (excluding excess spread) - Class B -- 9.56%

Excess spread - Approximately 4.2% per annum

Issuer: World Omni Auto Receivables Trust 2008-B

Lifetime CNL expectation -- 3.75%

Lifetime Remaining CNL expectation -- 2.81%

Aaa level -- Approximately 11%

Pool factor - 28.67%

Total credit enhancement (excluding excess spread & YSOC) - Class B -- 7.01%

Excess spread - Approximately 2.27% per annum

YSOC - Approximately 1%

Issuer: World Omni Auto Receivables Trust 2009-A

Lifetime CNL range -- 1.75% - 2.00%

Pool factor - 41.67%

Total credit enhancement (excluding excess spread & YSOC) - Class B -- 4.06%

Excess spread - Approximately 0.23% per annum

YSOC - Approximately 4.80%

Issuer: World Omni Auto Receivables Trust 2010-A

Lifetime CNL range -- 0.50% - 1.00%

Pool factor - 55.97%

Total credit enhancement (excluding excess spread & YSOC) - Class B -- 6.42%

Excess spread - Approximately 1.37% per annum

YSOC - Approximately 5.00%

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, we expect a sluggish recovery in the U.S. economy, with elevated fiscal deficits and persistent, high unemployment levels.

The principal methodology used in these notes was "Moody's Approach to Rating U.S. Auto Loan-Backed Securities" rating methodology published in June 2007. Other methodologies and factors that may have been considered in the process of rating these notes can also be found on Moody's website. Further information on Moody's analysis of this transaction is available on www.moodys.com.

Moody's Investors Service did not receive or take into account a third party due diligence report on the underlying assets or financial instruments related to the monitoring of this transaction in the past 6 months.

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following: parties involved in the ratings, public information and confidential and proprietary Moody's Investors Service information.

Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of maintaining a credit rating.

Moody's adopts all necessary measures so that the information it uses in assigning a credit 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 ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service 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 the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

New York
Aron Bergman
Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

San Francisco
Eric Fellows
VP - Senior Credit Officer
Structured Finance Group
Moody's FIS Domestic Sales Office - San Francisco CA
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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

Moody's upgrades two and reviews an additional two World Omni prime auto ABS for possible upgrade
No Related Data.
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