AmeriCredit Automobile Receivables Trust 2020-3 — Moody’s upgrades AmeriCredit subprime auto loan ABS issued between 2017 and 2021

Rating Action: Moody’s upgrades AmeriCredit subprime auto loan ABS issued between 2017 and 2021Global Credit Research – 10 Dec 2021Approximately $489 million of asset-backed securities affectedNew York, December 10, 2021 — Moody’s Investors Service (“Moody’s”) has upgraded the ratings of 9 tranches from seven transactions sponsored and serviced by AmeriCredit Financial Services, Inc. (AFS; Unrated).The complete rating actions are as follows:Issuer: AmeriCredit Automobile Receivables Trust 2017-4Class E Notes, Upgraded to Aaa (sf); previously on Sep 16, 2021 Upgraded to Aa2 (sf)Issuer: AmeriCredit Automobile Receivables Trust 2018-2Class E Notes, Upgraded to A1 (sf); previously on Sep 16, 2021 Upgraded to A2 (sf)Issuer: AmeriCredit Automobile Receivables Trust 2018-3Class E Notes, Upgraded to A1 (sf); previously on Sep 16, 2021 Upgraded to A2 (sf)Issuer: AmeriCredit Automobile Receivables Trust 2019-2Class E Notes, Upgraded to A3 (sf); previously on Sep 16, 2021 Upgraded to Baa1 (sf)Issuer: AmeriCredit Automobile Receivables Trust 2020-1Class D Notes, Upgraded to Aa1 (sf); previously on Sep 16, 2021 Upgraded to Aa2 (sf)Class E Notes, Upgraded to Baa1 (sf); previously on Jul 1, 2021 Upgraded to Baa2 (sf)Issuer: AmeriCredit Automobile Receivables Trust 2020-3Class D Notes, Upgraded to Aa2 (sf); previously on Sep 16, 2021 Upgraded to Aa3 (sf)Issuer: AmeriCredit Automobile Receivables Trust 2021-2Class C Notes, Upgraded to Aa1 (sf); previously on Jun 16, 2021 Definitive Rating Assigned Aa2 (sf)Class D Notes, Upgraded to A2 (sf); previously on Jun 16, 2021 Definitive Rating Assigned A3 (sf)RATINGS RATIONALEThe upgrades are primarily driven by the buildup of credit enhancement due to structural features including a sequential pay structure reserve account and overcollateralization as well as a reduction in our cumulative net loss expectations for the underlying pools.Our lifetime cumulative net loss expectations range between 7.50{7b5a5d0e414f5ae9befbbfe0565391237b22ed5a572478ce6579290fab1e7f91} and 9.5{7b5a5d0e414f5ae9befbbfe0565391237b22ed5a572478ce6579290fab1e7f91} for the transactions. The loss expectations reflect updated performance trends on the underlying pools. More recently US consumers have shown a high degree of resilience owing to the government stimulus and the relief options offered by servicers.PRINCIPAL METHODOLOGYThe principal methodology used in these ratings was “Moody’s Global Approach to Rating Auto Loan- and Lease-Backed ABS” published in September 2021 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1264141. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.Factors that would lead to an upgrade or downgrade of the ratings:UpLevels of credit protection that are greater than necessary to protect investors against current expectations of loss could lead to an upgrade of the ratings. Losses could decline from Moody’s original expectations as a result of a lower number of obligor defaults or greater recoveries from the value of the vehicles securing the obligors’ promise of payment. The US job market and the market for used vehicles are also primary drivers of the transaction’s performance. Other reasons for better-than-expected performance include changes in servicing practices to maximize collections on the loans or refinancing opportunities that result in a prepayment of the loan.DownLevels of credit protection that are insufficient to protect investors against current expectations of loss could lead to a downgrade of the ratings. Losses could increase from Moody’s original expectations as a result of a higher number of obligor defaults or a deterioration in the value of the vehicles securing the obligors’ promise of payment. The US job market and the market for used vehicles are also primary drivers of the transaction’s performance. Other reasons for worse-than-expected performance include poor servicing, error on the part of transaction parties, lack of transactional governance and fraud.REGULATORY DISCLOSURESFor further specification of Moody’s key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody’s Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.The analysis includes an assessment of collateral characteristics and performance to determine the expected collateral loss or a range of expected collateral losses or cash flows to the rated instruments. As a second step, Moody’s estimates expected collateral losses or cash flows using a quantitative tool that takes into account credit enhancement, loss allocation and other structural features, to derive the expected loss for each rated instrument.Moody’s quantitative analysis entails an evaluation of scenarios that stress factors contributing to sensitivity of ratings and take into account the likelihood of severe collateral losses or impaired cash flows. Moody’s weights the impact on the rated instruments based on its assumptions of the likelihood of the events in such scenarios occurring.For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security 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 certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider’s credit rating. For provisional ratings, this announcement provides certain 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.For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.These ratings are solicited. Please refer to Moody’s Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.Moody’s general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1288235.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody’s affiliates outside the EU and is endorsed by Moody’s Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, 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 issued the credit rating is available on www.moodys.com.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody’s affiliates outside the UK and is endorsed by Moody’s Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the UK. Further information on the UK endorsement status and on the Moody’s office that issued the credit rating is available on www.moodys.com.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.Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating. Amruta Chintawar AVP-Analyst Structured Finance Group Moody’s Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. 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