OREANDA-NEWS. Fitch Ratings has affirmed MVW Owner Trust 2015-1. A full list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

The affirmations of the class A and B notes reflect loss coverage levels consistent with their current ratings. Cumulative gross defaults have been within Fitch's initial expectations to date. The Stable Outlooks on the A and B notes reflects Fitch's expectation that they will remain sufficiently enhanced to cover stressed losses consistent with their respective ratings.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults could produce loss levels higher than the current expectations and impact available loss coverage. Lower loss coverage could affect ratings and Rating Outlooks, depending on the extent of the decline in coverage.

To date, the transaction has exhibited performance within Fitch's initial expectations with rising loss coverage. Default coverage and multiple levels are consistent with the current ratings. A material deterioration in performance would have to occur within the asset pool to have potential negative impact on the outstanding ratings.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation to this rating action.

For Fitch's initial Key Rating Drivers, Rating Sensitivities and the full detail analysis for this transaction, please see the New Issue report dated July 28, 2015.

Fitch has affirmed the following ratings:

--Class A notes at 'Asf'; Outlook Stable;

--Class B notes at 'BBBsf'; Outlook Stable