Fitch Affirms ARI Fleet Lease Trust 2012-A

Fitch Ratings has affirmed the class A note issued by ARI Fleet Lease Trust 2012-A at 'AAAsf'. The Rating Outlook is Stable.

The ARI Fleet Lease Trust 2012-A pool has collateral characteristics and risks similar to corporate collateralized debt obligations (CDOs) and auto lease securitizations. As such, Fitch used elements of the rating methodologies detailed in the criteria for both of these asset classes which include 'Global Rating Criteria for Corporate CDOs' dated July 25, 2014 and 'Criteria for Rating U.S. Auto Lease ABS' dated August 4, 2014. For detail regarding the application of these criteria, please refer to the ARI Fleet Lease Trust 2012-B (US ABS) presale report available on 'www.fitchratings.com'.

KEY RATING DRIVERS

The affirmation of the notes reflects the stable performance of the underlying lease receivables as evidenced by low delinquency and loss rates. Additionally, credit enhancement has grown substantially since close. Fitch will continue to monitor economic conditions and their impact and the trust level performance variables and update the ratings accordingly.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults could produce default levels higher than the projected base case default proxy and impact available default coverage and multiples levels. Lower default coverage could impact ratings and Rating Outlooks, depending on the extent of the decline in coverage. In Fitch's initial review of the transaction, the notes were found to have limited sensitivity to changes in obligor credit profiles and recovery rates associated with the high concentration of truck collateral in the pool. A material deterioration in performance would have to occur within the asset pool to have potential negative impact on the outstanding ratings.

For further detail on the rating sensitivity analysis, please refer to Fitch's presale titled 'ARI Fleet Lease Trust 2012-A (US ABS)' available at 'www.fitchratings.com'.

Fitch's analysis of the Representations and Warranties (R&W) of these transactions can be found in the reports titled 'ARI Fleet Lease Trust 2012-A - Appendix 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 March 26, 2015.

Additional information is available at 'www.fitchratings.com'.

The information used to assess these ratings was sourced from the issuer, periodic trustee reports, note valuation reports, and the public domain.

Applicable Criteria and Related Research:

--'Criteria for Rating U.S. Auto Lease ABS' (April 2014);

--'Criteria Rating Criteria for Corporate CDOs' (July 2014);

--'Global Structured Finance Rating Criteria' (Aug. 2014);

--'Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions' (March 26, 2015);

--'ARI Fleet Lease Trust 2012-A (US ABS)' (May 21, 2012);

--'ARI Fleet Lease Trust 2012-A - Appendix' (May 21, 2012).

Applicable Criteria and Related Research:

Criteria for Rating U.S. Auto Lease ABS - Effective April 24, 2014 to April 24, 2015

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=746763

Global Rating Criteria for Corporate CDOs

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=753057

Global Structured Finance Rating Criteria - Effective from 4 August 2014 to 31 March 2015

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863817

ARI Fleet Lease Trust 2012-A (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679809

ARI Fleet Lease Trust 2012-A -- Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679932

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=983603

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