Hyundai Motors America is marketing $604.42 million of notes backed by auto leases, according to Fitch Ratings.

Hyundai Auto Lease Securitization Trust 2016-A will issue five classes of senior notes: a money market tranche with a preliminary ‘F1+’ rating from Fitch and three tranches with preliminary ‘AAA’ ratings maturing in July 2018, July 2010 and December 2019. The senior tranches benefit from credit enhancement of 16.95%. There is also a subordinate tranche maturing in October 202 with a preliminary ‘AA’ rating.

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