Fitch Withdraws Ratings of Porsche Innovative Lease Owner Trust 2015-2

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has withdrawn the expected ratings for the Porsche Innovative Lease Owner Trust 2015-2 (2015-2). A full list of rating actions is available at the end of this press release.

KEY RATING DRIVERS

The ratings have been withdrawn as they are no longer expected to convert to final ratings in the near term, as Porsche Financial Services, Inc. (PFS), the sponsor/seller/servicer for 2015-2, has withdrawn the transaction from the market. Fitch has also withdrawn the presale report for the transaction dated Oct. 29, 2015. Fitch may assign the transaction expected ratings again in the future, following an updated analysis of the portfolio and the proposed structure.

Fitch has withdrawn the following expected ratings:

--Class A-1 notes 'F1+sf';

--Class A-2 notes 'AAAsf'; Outlook Stable;

--Class A-3 notes 'AAAsf'; Outlook Stable;

--Class A-4 notes 'AAAsf'; Outlook Stable.

Additional information is available at www.fitchratings.com.

Applicable Criteria

Counterparty Criteria for Structured Finance and Covered Bonds (pub. 14 May 2014)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=744158

Criteria for Rating U.S. Auto Lease ABS (pub. 19 Oct 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=872539

Global Structured Finance Rating Criteria (pub. 06 Jul 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952

Additional Disclosures

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=993428

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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 MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

View source version on businesswire.com: http://www.businesswire.com/news/home/20151104006385/en/

Fitch Ratings
Primary Analyst
Kate Manion
Director
+1-212-908-0792
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
Hylton Heard
Senior Director
+1-212-908-0214
or
Committee Chairperson
Du Trieu
Senior Director
+1-312-368-2091
or
Media Relations:
Sandro Scenga, +1 212-908-0278
[email protected]

Source: Fitch Ratings

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