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Hyundai Auto Receivables Trust 2020-C

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Hyundai Auto Receivables Trust 2020-C Presale: Hyundai Auto Receivables Trust 2020-C October 15, 2020 PRIMARY CREDIT ANALYST Preliminary Ratings Timothy J Moran, CFA, FRM New York Preliminary amount (mil. (1) 212-438-2440 Class Preliminary rating Type Interest rate $)(i) Legal final maturity timothy.moran A-1 A-1+ (sf) Senior Fixed 253.70 Nov. 15, 2021 @spglobal.com A-2 AAA (sf) Senior Fixed 420.00 Sept. 15, 2023 SECONDARY CONTACT A-3 AAA (sf) Senior Fixed 420.00 May 15, 2025 Peter W Chang, CFA New York A-4 AAA (sf) Senior Fixed 99.87 Nov. 16, 2026 (1) 212-438-1505 B AA+ (sf) Subordinate Fixed 23.18 Nov. 16, 2026 peter.chang @spglobal.com C AA- (sf) Subordinate Fixed 38.63 Dec. 15, 2027 Note: This presale report is based on information as of Oct. 15, 2020. The ratings shown are preliminary. This report does not constitute a recommendation to buy, hold, or sell securities. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. All or a portion of one or more classes of notes may be initially retained by HCA or an affiliate thereof. (i)HCA will retain an amount equal to at least 5% of the initial principal amount of each class of notes and may retain an additional amount or all of one or more of the classes of notes. Profile Expected closing date Oct. 28, 2020. Collateral Prime auto loan receivables. Issuer Hyundai Auto Receivables Trust 2020-C. Administrator, seller, sponsor, Hyundai Capital America (BBB+/Negative/A-2), formerly known as Hyundai Motor and servicer Finance Co., an indirect, majority-owned subsidiary of Hyundai Motor Co. (BBB+/Negative/--). Depositor Hyundai ABS Funding LLC, a wholly owned, special-purpose subsidiary of Hyundai Capital America. Indenture trustee Citibank N.A. (A+/Stable/A-1). Owner trustee U.S. Bank Trust N.A. Lead underwriter SMBC Nikko Securities America Inc. www.standardandpoors.com October 15, 2020 1 © S&P Global Ratings. All rights reserved. No reprint or dissemination without S&P Global Ratings' permission. See Terms of Use/Disclaimer 2535191 on the last page. Presale: Hyundai Auto Receivables Trust 2020-C Credit Enhancement Summary (%) HART 2020-C HART 2020-B Initial(i) Target(i) Floor(i) Initial(i) Target(i) Floor(i) Class A Subordination 4.80 4.80 4.80 4.80 4.80 4.80 Reserve account 0.50 0.50 0.50 1.00 1.00 1.00 Overcollateralization 2.50 3.00 3.00 2.50 3.00 3.00 Total 7.80 8.30 8.30 8.30 8.80 8.80 Class B Subordination 3.00 3.00 3.00 3.00 3.00 3.00 Reserve account 0.50 0.50 0.50 1.00 1.00 1.00 Overcollateralization 2.50 3.00 3.00 2.50 3.00 3.00 Total 6.00 6.50 6.50 6.50 7.00 7.00 Class C Subordination N/A N/A N/A N/A N/A N/A Reserve account 0.50 0.50 0.50 1.00 1.00 1.00 Overcollateralization 2.50 3.00 3.00 2.50 3.00 3.00 Total 3.00 3.50 3.50 3.50 4.00 4.00 Additional enhancement YSOA (% of aggregate pool) 2.77 N/A N/A 0.76 N/A N/A YSOA discount rate 3.50 N/A N/A 2.00 N/A N/A Estimated YSOA-adjusted annual 2.89 N/A N/A 2.81 N/A N/A excess spread(ii) (i)Percent of the initial adjusted receivables balance. (ii)Estimated excess spread before pricing. The series 2020-B's post-pricing estimated YSOA-adjusted spread was approximately 3.18%. HART--Hyundai Auto Receivables Trust. YSOA--Yield supplement overcollateralization amount. N/A--Not applicable. Rationale S&P Global Ratings' preliminary ratings assigned to Hyundai Auto Receivables Trust 2020-C's (HART 2020-C's) asset-backed notes reflect: - The availability of approximately 12.0% credit support at the 'AAA' rating level, 10.4% at the 'AA+' level, and 7.6% at the 'AA-' level (based on stressed cash flow scenarios), including excess spread, which is approximately 6.3x, 5.5x, and 4.0x coverage, respectively, of our 1.80%-2.00% expected loss range for the notes (see the Cash Flow Modeling section for more information). - Our expectation that under a moderate ('BBB') stress scenario (2.0x our expected loss level), all else being equal, our preliminary 'AAA (sf)', 'AA+ (sf)', and 'AA- (sf)' ratings will be within the credit stability limits specified by section A.4 of the Appendix contained in S&P Global Rating Definitions (see "S&P Global Ratings Definitions," published Aug. 7, 2020). - The credit enhancement in the form of subordination, overcollateralization, a reserve account, a yield supplement overcollateralization amount (YSOA), and excess spread (see the Credit www.standardandpoors.com October 15, 2020 2 © S&P Global Ratings. All rights reserved. No reprint or dissemination without S&P Global Ratings' permission. See Terms of Use/Disclaimer 2535191 on the last page. Presale: Hyundai Auto Receivables Trust 2020-C Enhancement Summary table above for more information). - The transaction's ability to make timely interest and principal payments under the stressed cash flow modeling scenarios that we believe are consistent with the assigned preliminary ratings. - The collateral characteristics of the securitized pool of prime automobile loans. - Hyundai Capital America's (HCA; formerly Hyundai Motor Finance Co.) extensive securitization performance history since 2001. - The transaction's payment and legal structures. S&P Global Ratings acknowledges a high degree of uncertainty about the evolution of the coronavirus pandemic. The current consensus among health experts is that COVID-19 will remain a threat until a vaccine or effective treatment becomes widely available, which could be around mid-2021. We are using this assumption in assessing the economic and credit implications associated with the pandemic (see our research here: www.spglobal.com/ratings). As the situation evolves, we will update our assumptions and estimates accordingly. Transaction Overview The HART 2020-C securitization will be HCA's third auto loan transaction this year. Interest payments will be made on the 15th of each month, beginning Nov. 16, 2020. The notes will receive principal sequentially and will be paid a fixed rate of interest (see the Transaction Structure section below for more information). Changes From The Series 2020-B Transaction The structural and credit enhancement changes from the series 2020-B transaction include the following: - The reserve account decreased to 0.50% of initial adjusted pool nondeclining, from 1.00%. - The YSOA increased to 2.77% from 0.76% as a percentage of the aggregate pool, and the YSOA discount rate increased to 3.50% from 2.00%. This increases the total available excess spread, offsetting the decrease in the reserve account. The collateral composition changes from the series 2020-B transaction include the following: - As of the Sept. 21, 2020, cut-off date, any receivable in the series 2020-C pool in respect of which the related obligor is currently in an extension period, including for reasons related to the COVID-19 pandemic, has been excluded from the receivables pool. By contrast, none of the contracts included in the series 2020-B pool had received an extension prior to that pool's cut-off date. - The weighted average FICO score decreased to 758 from 761. - The percentage of loans by balance with FICO scores greater than 700 increased to 77.82% from 63.84%. - The weighted average APR decreased to 3.36% from 4.35%. - The average original amount financed increased to $27,794 from $25,051. www.standardandpoors.com October 15, 2020 3 © S&P Global Ratings. All rights reserved. No reprint or dissemination without S&P Global Ratings' permission. See Terms of Use/Disclaimer 2535191 on the last page. Presale: Hyundai Auto Receivables Trust 2020-C - The weighted average seasoning decreased to approximately six months from 13 months. - The percentage of Kia vehicles increased to 47.57% from 45.11%, while the percentage of Genesis vehicles decreased to 2.04% from 3.90%. - The percentage of new vehicles increased to 95.13% from 95.01%. In light of the economic fallout from the coronavirus pandemic, our expected loss range for series 2020-C is 1.80%-2.00%, unchanged from series 2020-B. Our expected loss takes into account HCA's tighter underwriting standards since 2016 (as manifested in the performance data we received from HCA), improved securitization performance to date, and generally comparable collateral characteristics (see the S&P Global Ratings' Expected Loss section for more information). Transaction Structure The series 2020-C transaction uses a sequential principal payment structure among the class A, B, and C notes. Total hard credit enhancement as a percentage of the adjusted initial pool balance will build to 3.50%, including the reserve account, at which point any excess spread will be released to the certificateholders. The reserve account, which will be non-amortizing throughout the deal's life, will be funded with an initial deposit of 0.50% of the initial adjusted pool balance. The YSOA is sized so that the yield on those contracts with APRs less than the 3.50% YSOA discount rate increases to the YSOA discount rate. The YSOA for each distribution date will be calculated at closing, assuming zero prepayments and zero defaults, and will amortize according to a schedule. At closing, the YSOA is expected to be approximately $36.64 million, or 2.77% of the initial aggregate pool balance (see chart 1 for the transaction structure).
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