Play all audios:
CHICAGO--(BUSINESS WIRE)-- Fitch Ratings affirms five classes of the Ally Auto Receivables Trust 2011-5 transaction and revises Outlooks as follows: --Class A-2 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 to Positive from Stable; --Class C affirmed at 'Asf'; Outlook to Positive from Stable. The rating affirmations reflect strong collateral performance and
increasing credit enhancement levels for the outstanding notes. The collateral pool has performed within Fitch's expectations, with cumulative net losses totaling 11 basis points, as of
the most recent reporting period. The Stable Outlook designation on the class A-2, A-3, and A-4 notes reflects Fitch's view that performance within the transactions is not expected to
materially change in the near term and loss coverage is expected to remain consistent with current rating levels. The class B and C notes have experienced improvement in loss coverage and
may warrant positive rating actions in the near term as the transaction continues to amortize. However, due to the subordinate nature of the structure, the class B and C notes are not
expected to receive principal payments in the near term. As such, the Outlook for the class B and C notes is revised to Positive. 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 16, 2012; --'Global Structured Finance Rating Criteria', June 6, 2012. Applicable Criteria
and Related Research: Rating Criteria for U.S. Auto Loan ABS http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=674859 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: Juveria Mozaffar Associate Director +1-312-606-2335 Fitch, Inc. 70 W Madison St Chicago, IL 60602 or Committee Chairperson: Du Trieu Senior Director
+1-312-368-2091 or Media Relations: Sandro Scenga, +1-212-908-0278 (New York) [email protected] Source: Fitch Ratings