World Omni Automobile Lease Securitization Trust 2019-A — Moody’s upgrades Class B issued by World Omni Automobile Lease Securitization Trust 2019-A

Rating Action: Moody’s upgrades Class B issued by World Omni Automobile Lease Securitization Trust 2019-AGlobal Credit Research – 19 Apr 2021Approximately $43 million of asset-backed securities affectedNew York, April 19, 2021 — Moody’s Investors Service, (“Moody’s”) has upgraded the rating on Class B issued by World Omni Automobile Lease Securitization Trust 2019-A (WOLS 2019-A). The collateral underlying the transaction consists of closed-end retail automobile leases originated by World Omni Financial Corp., who is also the servicer and administrator for the transaction.The complete rating action is as follows:Issuer: World Omni Automobile Lease Securitization Trust 2019-AClass B Asset Backed Notes, Upgraded to Aaa (sf); previously on Mar 13, 2019 Definitive Rating Assigned Aa2 (sf)RATINGS RATIONALEThe upgrade was prompted by an increase in credit enhancement due to the non-declining reserve account, overcollateralization and strong residual value performance of the underlying lease contracts.Moody’s lifetime cumulative net credit loss (CNL) expectation for WOLS 2019-A remains unchanged at 1%.Auto lease ABS are mainly exposed to residual value risk for vehicles that are turned in at lease maturity instead of being purchased by the lessee at the contractual residual price, since these vehicles then have to be remarketed and therefore are subject to risk of which the sales price is lower than the securitized residual value. If a vehicle is not turned in (that is,…