April 1 (The following statement was released by the rating
Fitch Ratings expects to assign the following ratings
and Rating Outlooks to the notes issued by AmeriCredit Automobile Receivables
--$214,700,000 class A-1 notes 'F1+sf';
--$382,800,000 class A-2 notes 'AAAsf'; Outlook Stable;
--$183,800,000 class A-3 notes 'AAAsf'; Outlook Stable;
--$84,170,000 class B notes 'AAsf'; Outlook Stable;
--$104,490,000 class C notes 'Asf'; Outlook Stable;
--$102,750,000 class D notes 'BBBsf'; Outlook Stable;
--$27,290,000 class E notes 'BBsf'; Outlook Stable.
KEY RATING DRIVERS
Consistent Credit Quality: The credit quality of 2013-2 is consistent with
2013-1 and 2012 transactions. The weighted average (WA) Fair Isaac Corp.
(FICO) score is 566, and WA internal credit score is 240. Used cars total 56.7%
and WA loan-to-value (LTV) ratio is 110%, all consistent with recent pools.
Consistent Credit Enhancement Structure: The cash flow distribution is a
sequential-pay structure. Initial hard credit enhancement (CE) is consistent
with the last four transactions. The reserve is 2.00% (non-declining) and
initial overcollateralization (OC) is 5.25% (both of the initial pool balance),
growing to a target of 14.25% of the current pool balance, less the reserve.
Stronger Portfolio/Securitization Performance: Losses on GM Financial's
portfolio and 2009 - 2012 AMCAR securitizations have declined to some of the
lowest levels ever seen, supported by the gradual economic recovery and strong
used vehicle values supporting higher recovery rates.
Stable Corporate Health: Fitch rates GM 'BB+' with a Stable Outlook, and GM
Financial 'BB' with a Positive Watch. GM Financial recorded positive corporate
financial results since 2010, and the overall health of GM has also improved.
Consistent Origination/Underwriting/Servicing: AFSI demonstrates adequate
abilities as originator, underwriter, and servicer, as evidenced by historical
portfolio delinquency and loss experience and securitization performance. Fitch
deems AFSI capable of adequately servicing this series.
Unanticipated increases in the frequency of defaults and loss severity on
defaulted receivables could produce CNL levels higher than the base case and
would likely result in declines of CE and remaining loss coverage levels
available to the notes. Decreased CE may make certain note ratings susceptible
to potential negative rating actions, depending on the extent of the decline in
coverage. Hence, Fitch conducts sensitivity analysis by stressing a
transaction's initial base case CNL assumption by 1.5x and 2.5x and examining
the rating implications on all classes of issued notes. The 1.5x and 2.5x
increases of the base case CNL represent moderate and severe stresses,
respectively, and are intended to provide an indication of the rating
sensitivity of notes to unexpected deterioration of a trust's performance.