Hyundai Motor Co. is planning a $683.4 million securitization of closed-end vehicle leases secured by new vehicles manufactured by Hyundai and Kia Motor Co.

Fitch Ratings has assigned preliminary ratings to five tranches of notes for the transaction, Hyundai Auto Lease Securitization Trust (HALST) 2014-B. The $127.3 million class A-1 notes, maturing in July 2015, were preliminarily rated ‘F1.’  Three other tranches have all been assigned ‘AAA’ preliminary ratings; $227 million of class A-2 and $227 million of A-3 notes maturing in February and November 2017 respectively, and $75 million of class A-4 notes maturing in September 2018.

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