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Hyundai Auto Lease Securitization Trust 2020-A Presale: Hyundai Auto Lease Securitization Trust 2020-A January 8, 2020 PRIMARY CREDIT ANALYST Preliminary Ratings Timothy J Moran, CFA, FRM New York Preliminary amount Legal final (1) 212-438-2440 Class(i) Preliminary rating Type Interest rate(ii) (mil. $) maturity timothy.moran A-1 A-1+ (sf) Senior Fixed 132.60 Jan. 15, 2021 @spglobal.com A-2 AAA (sf) Senior Fixed 321.85 May 16, 2022 SECONDARY CONTACT A-3 AAA (sf) Senior Fixed 321.85 July 17, 2023 Steve D Martinez New York A-4 AAA (sf) Senior Fixed 71.53 Dec. 15, 2023 (1) 212-438-2881 B AA+ (sf) Subordinate Fixed 45.97 May 15, 2024 steve.martinez @spglobal.com Note: This presale report is based on information as of Jan. 8, 2020. The ratings shown are preliminary. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. Accordingly, the preliminary ratings should not be construed as evidence of final ratings. This report does not constitute a recommendation to buy, hold, or sell securities. (i)All or a portion of one or more classes of notes may be initially retained by the sponsor Hyundai Capital America or its affiliate. (ii)The actual coupons of these tranches will be determined on the pricing date. Profile Expected closing date Jan. 22, 2020. Collateral Prime auto lease receivables. Origination trust Hyundai Lease Titling Trust. Issuer Hyundai Auto Lease Securitization Trust 2020-A. Sponsor, servicer, and administrator Hyundai Capital America Inc. (BBB+/Stable/A-2). Depositor Hyundai HK Lease LLC. Indenture trustee U.S. Bank N.A. (AA-/Stable/A-1+). Owner trustee Wilmington Trust N.A. (A/Stable/A-1). UTI, SUBI, Delaware, origination, and administrative trustee U.S. Bank Trust N.A. Lead underwriter Barclays Capital Inc. (A/Stable/A-1) UTI--Undivided trust interest. SUBI--Special unit of beneficial interest. www.standardandpoors.com January 8, 2020 1 © S&P Global Ratings. All rights reserved. No reprint or dissemination without S&P Global Ratings' permission. See Terms of Use/Disclaimer 2364932 on the last page. Presale: Hyundai Auto Lease Securitization Trust 2020-A Credit Enhancement Summary(i) Hyundai Auto Lease Securitization Trust 2020-A 2019-B 2019-A 2018-B 2018-A Rating Class A AAA (sf) AAA (sf) AAA (sf) AAA (sf) AAA (sf) Class B AA+ (sf) AA+ (sf) AA+ (sf) AA+ (sf) AA+ (sf) Subordination (%) Class A 4.50 4.50 4.50 4.50 4.50 Class B N/A N/A N/A N/A N/A Overcollateralization (%) Initial 12.50 12.50 12.50 12.50 12.50 Target 13.50 13.50 13.50 14.50 14.50 Step-down target after 13.50 13.50 13.50 13.50 13.50 class A-2 payout Reserve account (%) Initial 0.50 0.50 0.50 0.50 0.50 Target 0.50 0.50 0.50 0.50 0.50 Total initial hard credit enhancement (%) Class A 17.50 17.50 17.50 17.50 17.50 Class B 13.00 13.00 13.00 13.00 13.00 Total target hard credit enhancement (%) Class A 18.50 18.50 18.50 19.50 19.50 Class B 14.00 14.00 14.00 15.00 15.00 Total step-down target hard credit enhancement after class A-2 payout (%) Class A 18.50 18.50 18.50 18.50 18.50 Class B 14.00 14.00 14.00 14.00 14.00 Estimated excess spread per 3.70 3.63 3.50 3.78 3.87 year (%)(ii) Discount rate (%) 7.00 7.15 7.90 7.90 7.50 Total securities issued ($) 893,796,000 926,226,000 710,570,000 707,860,000 904,200,000 Initial aggregate 1,021,482,211 1,058,544,313 812,087,923 808,988,467 1,033,368,258 securitization value ($) (i)All percentages are based on the initial aggregate securitization value. (ii)Reflects estimated annual excess spread at the preliminary ratings and does not reflect final pricing. N/A--Not applicable. Rationale The preliminary ratings assigned to Hyundai Auto Lease Securitization Trust 2020-A's (HALST 2020-A's) auto lease asset-backed notes series 2020-A reflect our view of: - The availability of approximately 23.6% and 19.1% credit enhancement for the class A and B notes, respectively, in the form of 4.50% subordination to the class A notes; 12.50% www.standardandpoors.com January 8, 2020 2 © S&P Global Ratings. All rights reserved. No reprint or dissemination without S&P Global Ratings' permission. See Terms of Use/Disclaimer 2364932 on the last page. Presale: Hyundai Auto Lease Securitization Trust 2020-A overcollateralization, which will build to a target of 13.50% of the initial securitization value; a 0.50% nonamortizing reserve account; and excess spread (all percentages are measured in terms of the pool's initial aggregate securitization value). - The credit quality of the underlying collateral, which comprises prime auto lease receivables that have a weighted average FICO score of 752. - Our expectation that under a moderate 'BBB' stress scenario, all else being equal, our preliminary ratings on the class A notes would not likely be lowered, and the preliminary rating on the class B notes would not likely be lowered more than one rating category for the transaction's life. Our expectation for the class A notes exceeds our ratings stability criteria, which state that 'AAA' and 'AA' ratings will remain within one rating category for the first year, under moderate stress conditions. Our expectation for the class B notes is in line with our criteria (see "Methodology: Credit Stability Criteria," published May 3, 2010). - The diversified mix of vehicle models in the pool. - The relatively even distribution of the expected residuals' maturities. - Automotive Lease Guide's (ALG's) forecast of each vehicle's lease-inception and current residual value. - The timely interest and full principal payments by the notes' legal final maturity dates made under cash flow scenarios that were stressed for credit and residual losses and are consistent with the assigned preliminary ratings. - The transaction's payment and legal structures. Our expected credit loss for the HALST 2020-A pool is 0.90% of the securitization value, which reflects the performance of the outstanding HALST transactions, the static pool loss projections for Hyundai Capital America Inc.'s (HCA's) lease originations, the performance on the managed portfolio, collateral comparisons with peers, and our forward-looking view of the economy, namely our expectation for lower used vehicle values (see the Collateral Analysis section below for more information). Our 'AAA' stress scenario for credit loss is 4.50% of the securitization value, and our 'AA+' stress is 4.05%. Our 'AAA' and 'AA+' residual stress for the HALST 2020-A pool is 27.28% and 24.13%, respectively, of the pool's aggregate undiscounted base residual value. After applying this stress to the residual value portion of the pool (63.13%) and the nondefaulting leases (91.00% under the 'AAA' stress and 91.90% under the 'AA+' stress), our 'AAA' and 'AA+' residual stress constitutes 15.67% and 13.65%, respectively, of the pool's aggregate securitization value. One of the main considerations in our analysis to derive our haircuts was a comparison of the HALST 2020-A base residual value with the historical auction proceeds data, which the issuer provided. In addition, we incorporated an analysis of the residual maturity schedule, vehicle model composition, and our views on the used-vehicle market. Our total stressed losses (credit and residual) are approximately 20.17% and 17.70% for the 'AAA' and 'AA+' rated notes, respectively, as a percentage of the initial aggregate securitization value. In our view, the credit enhancement outlined above and in the Cash Flow Modeling section below provide more than adequate support for our assigned preliminary ratings. www.standardandpoors.com January 8, 2020 3 © S&P Global Ratings. All rights reserved. No reprint or dissemination without S&P Global Ratings' permission. See Terms of Use/Disclaimer 2364932 on the last page. Presale: Hyundai Auto Lease Securitization Trust 2020-A Changes from HALST 2019-B The structural and credit enhancement changes from HALST 2019-B include the following: - The discount rate decreased to 7.00% from 7.15%. - The estimated annual excess spread before pricing increased to approximately 3.70% from 3.63%. The collateral changes from the prior transaction are as follows: - The base residual as a percentage of securitization value increased to 63.13% from 61.74%. - The percentage of leases with an original term of 37-42 months decreased to 1.38% from 8.95%, while the percentage of leases with an original term of 43-48 months increased to 26.93% from 19.40%. - The top five vehicles are the Tucson, Santa Fe, Sportage, Sonata, and Sorento and aggregate to approximately 51.34% of the pool as a percentage of securitization value which is lower than the series 2019-B pool's 56.71%. - Genesis-branded vehicles are included for the fourth time, and they comprise 2.98% of the pool's securitization value, down from 3.43% for the series 2019-B pool. The Genesis-branded vehicles in the 2019-B pool are the G70, G80, and G90 models. - The percentage of cars decreased to 37.73% from 40.59%, while the percentage of SUVs/crossovers increased to 58.16% from 55.57%. - The Kia Telluride SUV is included in the collateral pool for the second time (6.44% of securitization value versus 0.63%), while the Hyundai Palisade SUV (1.75% of securitization value) is included for the first time.
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