OREANDA-NEWS. Fitch Ratings affirms the following outstanding notes issued by Ally Master Owner Trust (AMOT) as a result of its annual review of the trust:

AMOT, Series 2012-4
--$175,000,000 Class A notes at 'AAAsf'; Outlook Stable;
--$13,095,000 Class B notes at 'AAsf'; Outlook Stable;
--$9,524,000 Class C notes at 'Asf'; Outlook Stable;
--$7,143,000 Class D notes at 'BBBsf'; Outlook Stable.

The class E notes are not rated.

AMOT, Series 2012-5
--$1,100,000,000 Class A notes at 'AAAsf'; Outlook Stable;
--$82,313,000 Class B notes at 'AAsf'; Outlook Stable;
--$59,864,000 Class C notes at 'Asf'; Outlook Stable;
--$44,898,000 Class D notes at 'BBBsf'; Outlook Stable.

The class E notes are not rated.

AMOT, Series 2013-1
--$650,000,000 Class A-1 notes at 'AAAsf'; Outlook Stable;
--$350,000,000 Class A-2 notes at 'AAAsf'; Outlook Stable;
--$74,830,000 Class B notes at 'AAsf'; Outlook Stable;
--$54,422,000 Class C notes at 'Asf'; Outlook Stable;
--$40,816,000 Class D notes at 'BBBsf'; Outlook Stable.

The class E notes are not rated.

AMOT, Series 2013-3
--$350,000,000 Class A notes at 'AAAsf'; Outlook Stable.

The class B, C, D and E notes are not rated.

AMOT, Series 2014-1
--$600,000,000 Class A-1 notes at 'AAAsf'; Outlook Stable;
--$400,000,000 Class A-2 notes at 'AAAsf'; Outlook Stable.

The class B, C, D and E notes are not rated.

AMOT, Series 2014-4
--$325,000,000 Class A-1 notes at 'AAAsf'; Outlook Stable;
--$650,000,000 Class A-2 notes at 'AAAsf'; Outlook Stable.

The class B, C, D and E notes are not rated.

AMOT, Series 2014-5
--$225,000,000 Class A-1 notes at 'AAAsf'; Outlook Stable;
--$775,000,000 Class A-2 notes at 'AAAsf'; Outlook Stable.

The class B, C, D and E notes are not rated.

AMOT, Series 2015-1
--$300,000,000 Class A notes at 'AAAsf'; Outlook Stable.

AMOT, Series 2015-2
--$100,000,000 Class A-1 notes at 'AAAsf'; Outlook Stable;
--$100,000,000 Class A-2 notes at 'AAAsf'; Outlook Stable.

AMOT, Series 2015-3
--$675,000,000 Class A notes at 'AAAsf'; Outlook Stable.

The class B, C, D and E notes are not rated.

KEY RATING DRIVERS

Quality of Wholesale Receivables: The trust receivables backing this series have a high percentage of floorplan loans backing new vehicles (88.5%) and strong aging distribution, with only 4.7% of vehicle inventory aged past 270 days. The receivables are geographically diverse.

Asset Concentrations: Dealers are subject to concentration limits mitigating the risk of individual dealer defaults and losses. Exposure to individual vehicle types, manufacturers and segments is mitigated with concentration limits in place.

Strength of Dealer Network: Based on a review of dealer financial metrics and Ally's internal dealer credit classifications, the financial health of Ally's dealer network in 2015 is viewed as stable, with the majority of dealers profitable.

Stable Performance: AMOT is experiencing consistent performance trends, including stable monthly payment rates (MPRs), asset yield, low agings and minimal dealer defaults and trust losses.

Sufficient Credit Enhancement: Each series of notes benefits from subordination and a reserve account fully funded at 1.00% of the notes. Structural features such as early amortization triggers mitigate risks of dealer/manufacturer defaults/bankruptcies.

Consistent Origination and Servicing: Ally demonstrates adequate abilities as originator, underwriter and servicer, as evidenced by the historical delinquency and loss performance of AMOT. Wells Fargo Bank, N.A. (Wells Fargo) is the backup servicer for this series.

Current Economic Conditions: The slow U.S. economic recovery and volatility therein could affect the performance of this series. This is mitigated by the conservative analysis, stress assumptions applied and resulting loss coverage, and stable performance to date of AMOT.

Legal Analysis: The legal structure of the transaction provides that a bankruptcy of Ally would not impair the timeliness of payments on the securities.

RATING SENSITIVITIES
To conduct a rating sensitivity for the outstanding notes, under a category B DFP platform, Fitch assumes portfolio default levels at 5%, 10%, and 15% and under two recovery-level scenarios of 50% and 30%. Fitch modeled each series with the assumption that the above defaults have occurred, reflecting asset performance in a stressed environment. However, to date, performance for the trust has remained strong. A material deterioration would have to occur in performance to have potential negative impact on the ratings for each series.

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