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Fitch: APAC SF Stable in 1Q17; 10 Upgrades, 177 Affirmations
April 11, 2017 / 9:37 AM / 5 months ago

Fitch: APAC SF Stable in 1Q17; 10 Upgrades, 177 Affirmations

(The following statement was released by the rating agency) HONG KONG/SYDNEY, April 11 (Fitch) Structured finance (SF) and structured credit (SC) transactions in Asia-Pacific remained stable in 1Q17, says Fitch Ratings. Ten Australian tranches were upgraded in the quarter and one tranche from an Australian auto ABS warehouse was removed from Rating Watch Negative. The steady performance of regional economies, with low official interest rates and unemployment, continued to support assets backing Asia-Pacific SF transactions. The upgraded tranches came from the Australian non-conforming RMBS transactions, Sapphire XII Series 2013-1 Trust and Sapphire XIII Series 2014-1 Trust. The positive rating action reflected the build-up of credit enhancement, which Fitch analysed as being sufficient to mitigate increasing concentration risk. A total of 160 tranches in Australian and New Zealand were affirmed in 1Q17, with prime RMBS accounting for 113 tranches, followed by non-conforming RMBS at 31, auto ABS at 11 and small balance CMBS at five. In Japan, one SF tranche was affirmed, along with two SC tranches. Elsewhere in Asia-Pacific, 10 Indian auto-loan ABS pass-through certificates and four Chinese auto-loan tranches were affirmed. The Outlooks on most Asia-Pacific SF and SC ratings are Stable. The two exceptions are class B notes from Fuyuan 2016-1 Retail Auto Mortgage Loan Securitization Trust and MARC Finance Ltd Series 584- Repackaged Notes, which are both on Positive Outlook. Individual rating action commentaries can be found on Fitch's website at www.fitchratings.com Contact: Alison Ho Senior Director +852 2263 9937 Fitch (Hong Kong) Limited 19/F Man Yee Building 68 Des Voeux Road Central Hong Kong Ben McCarthy Managing Director +61 2 8526 0388 Related Research: Fitch: Stable Outlook for Australian and New Zealand SF, published 11 April 2017 Fitch: Japanese SF/SC Ratings Stable in 1Q17; 3 Affirmations, published 11 April 2017 Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com; Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. Additional information is available on www.fitchratings.com ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. DIRECTORS AND SHAREHOLDERS RELEVANT INTERESTS ARE AVAILABLE here. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. 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Users of Fitch’s ratings and reports should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating or a report will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings and its reports, Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. 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