OREANDA-NEWS. As part of its ongoing surveillance, Fitch Ratings has affirmed Santander Drive Auto Receivables Trust (SDART) 2015-4 transaction as follows:

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

--Class A-2-B at 'AAAsf'; Outlook Stable;

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

--Class B at 'AAsf'; Outlook revised to Positive from Stable;

--Class C at 'Asf'; Outlook revised to Positive from Stable;

--Class D at 'BBBsf'; Outlook revised to Positive from Stable;

--Class E at 'BBsf'; Outlook revised to Positive from Stable.

KEY RATING DRIVERS

The affirmations on the outstanding notes reflect loss coverage levels consistent with current ratings. The transactions have performed within Fitch's cumulative net loss expectations to date.

The Positive Outlooks placed on the subordinate notes are the result of increased loss coverage available to the notes. Due to better-than-expected performance, Fitch has adjusted its loss proxy for 2015-4 to 15% from 17.25%.

The ratings reflect the quality of Santander Consumer USA's (SC) retail auto loan originations, the sound financial and legal structure of the transaction, and the strength of the servicing provided by SC.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults and loss severity could produce loss levels higher than the current projected base case loss proxy and impact available loss coverage and multiples levels for the transaction. Lower loss coverage could impact ratings and Rating Outlooks, depending on the extent of the decline in coverage.

In Fitch's initial review of the transactions, the notes were found to have limited sensitivity to a 1.5x and 2.5x increase of Fitch's base case loss expectations. To date, the transactions have exhibited strong performance with losses well within Fitch's initial expectations, with rising loss coverage and multiple levels. As such, a material deterioration in performance would have to occur within the asset pools to have potential negative impact on the outstanding ratings.