OREANDA-NEWS. Fitch Ratings affirms two outstanding classes of MVW Owner Trust 2014-1. A full list of rating actions follows at the end of this release.

KEY RATING DRIVERS

The affirmation of the class A and B notes reflects loss coverage levels and multiples consistent with 'Asf' and 'BBBsf' ratings. Default performance is tracking slightly higher than Fitch's initial expectations. However, loss coverage has increased since close and all defaults to date have been repurchased (no credit was applied in Fitch's analysis). The Stable Outlook for both classes reflects Fitch's expectation that loss coverage levels will remain supportive of these ratings.

RATING SENSITIVITIES

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

To date, the transaction has exhibited performance slightly weaker than Fitch's initial expectations but loss coverage has increased since close. Due to the growth in credit enhancement levels and loss coverage afforded to the notes, a notable increase in defaults would have to occur to have a negative impact on the updated ratings.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G-10

Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action.

Fitch has affirmed the following ratings:

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

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