TEXT-Fitch ups Three MARC Finance notes to 'Asf';outlook stable

Sept 19 - Fitch Ratings has upgraded three MARC Finance Ltd's notes as listed below. The transactions are repackaged notes backed by single-name collateral securities.

JPY2bn* Series M415 repackaged notes due 2016 upgraded to 'Asf' from 'A-sf'; Outlook Stable

JPY600m* Series M496 repackaged notes due 2017 upgraded to 'Asf' from 'A-sf'; Outlook Stable

JPY2bn* Series M522 repackaged notes due 2017 upgraded to 'Asf' from 'A-sf'; Outlook Stable

*as of 18 September 2012

The rating action for each series reflects the recent upgrade of the collateral issuer to Long-Term Issuer Default Rating (LT IDR) 'A+' from 'A'.

The ratings of the notes reflect the first-to-default risk of the two risk-presenting entities - the collateral issuer and the swap counterparty, BNP Paribas, London branch ('A+'/Stable).

The Stable Outlook for each series is primarily driven by that of the LT IDRs on the above two entities.