New York, December 07, 2012 -- Moody's has upgraded two subordinate tranches from World Omni Auto Receivables Trust 2011-A and 2011-B transactions.

Complete ratings are as follow:

Issuer: World Omni Auto Receivables Trust 2011-A

Cl. C, Upgraded to Aaa (sf); previously on Sep 10, 2012 Aa1 (sf) Placed Under Review for Possible Upgrade

Issuer: World Omni Auto Receivables Trust 2011-B

Cl. B, Upgraded to Aa1 (sf); previously on Sep 10, 2012 A2 (sf) Placed Under Review for Possible Upgrade

RATINGS RATIONALE

The upgrades were prompted by the accretion of credit enhancement due to non-declining reserve account, and overcollateralization, as well as a downward revision of the collateral net loss expectations. The performance of 2011 transactions indicate that the pool cumulative net losses will be lower than our original expectations of 2.00% and 1.75% for 2011-A and 2011-B respectively.

Below are key performance metrics (as of November 2012 distribution date) and credit assumptions for each affected transaction. Credit assumptions include Moody's expected lifetime CNL range expectation which is expressed as a percentage of the original pool balance; and Moody's lifetime remaining CNL expectation and Moody's Aaa levels which are expressed as a percentage of the current pool balance. The Aaa level is the level of credit enhancement that would be consistent with a Aaa (sf) rating for the given asset pool. Performance metrics include pool factor which is the ratio of the current collateral balance and the original collateral balance at closing; total credit enhancement (expressed as a percentage of the outstanding collateral pool balance adjusted for YSOC) which typically consists of subordination, overcollateralization, reserve fund; and YSOC. The YSOC compensates for the lower APR on the subvened loans.

Issuer - World Omni Auto Receivables Trust 2011-A

Lifetime CNL expectation -- 1.15%

Lifetime remaining CNL expectation -- 1.15%

Aaa level -- 7.00%

Pool factor -- 44.93%

Total Hard credit enhancement -- Class-A 19.52%, Class-B 13.04%, Class-C 6.55%

Excess Spread per annum - Approximately 0.99%

YSOC - Approximately 3.5%

Issuer - World Omni Auto Receivables Trust 2011-B

Lifetime CNL expectation -- 1.35%

Lifetime remaining CNL expectation -- 1.51%

Aaa level -- 8.00%

Pool factor -- 65.02%

Total Hard credit enhancement -- Class-A 9.69%, Class-B 5.63%

Excess Spread per annum - Approximately 2.1%

YSOC - Approximately 2.6%

Ratings on the notes may be downgraded if the lifetime CNL expectation is increased by 20%.

The performance expectations for a given variable indicate Moody's forward-looking view of the likely range of performance over the medium term. From time to time, Moody's may, if warranted, change these expectations. Performance that falls outside the given range may indicate that the collateral's credit quality is stronger or weaker than Moody's had anticipated when the related securities ratings were issued. Even so, a deviation from the expected range will not necessarily result in a rating action nor does performance within expectations preclude such actions. The decision to take (or not take) a rating action is dependent on an assessment of a range of factors including, but not exclusively, the performance metrics.

Primary sources of assumption uncertainty are the current macroeconomic environment, in which unemployment continues to remain at elevated levels, and strength in the used vehicle market. Moody's currently views the used vehicle market as much stronger now than it was at the end of 2008 when the uncertainty relating to the economy as well as the future of the U.S auto manufacturers was significantly greater. Overall, Moody's expects a sluggish recovery in most of the world's largest economies, returning to trend growth rate with elevated fiscal deficits and persistent unemployment levels.

The principal methodology used in these ratings was "Moody's Approach to Rating U.S. Auto Loan Backed Securities (2011)" published in May 2011. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com

Information sources used to prepare each of the ratings are the following: parties involved in the ratings, parties not involved in the ratings, public information, confidential and proprietary Moody's Investors Service information.

Moody's received and took into account one or more third party assessments on the due diligence performed regarding the underlying assets or financial instruments in these transactions and the assessment had a neutral impact on the rating.

Moody's considers the quality of information available on the rated entities, obligations or credits satisfactory for the purposes maintaining these ratings.

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Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Aron Bergman Analyst Structured Finance Group Moody'sInvestors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653Eric Fellows VP - Senior Credit Officer Structured Finance Group JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Releasing Office: Moody's Investors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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