TEXT-Fitch affirms Bilkreditt 1

Tue Feb 5, 2013 9:35am EST

Feb 5 - Fitch Ratings has affirmed Bilkreditt 1 Limited as follows;

NOK762m Class A1 notes affirmed at 'AAAsf'; Outlook Stable
NOK899m Class A2 notes affirmed at 'AAAsf'; Outlook Stable

The affirmation reflects the transaction's robust performance, which is
supported by low pool delinquencies and defaults and increased credit
enhancement due to the continuing de-leveraging process.

The delinquency rate has been stable and as of the latest reporting date
(January 2013) equalled 2.91% of the outstanding portfolio. Cumulative defaults
amount to 0.81%, which is well below the agency's initial base case assumption
at the same point in seasoning (4.13%). The cumulative recovery rate on
defaulted loans currently stands at 30%.

The transaction reserve fund is amortising in line with the notes and stands at
NOK110m. This will continue to amortise to 0.5% of the initial note amount.
Excess spread is available to cover losses and was net annualised 1.8% at the
last period. This is sufficient to cover all losses so far without any
requirement to draw upon the reserve fund. Through amortisation of the
portfolio, credit enhancement for the class A notes has increased to 58% from
20% initially.

The transaction is a securitisation, backed by Norwegian auto loan receivables
originated by Santander Consumer Bank AS (not rated).

Additional information is available at www.fitchratings.com. The ratings above
were solicited by, or on behalf of, the issuer, and therefore, Fitch has been
compensated for the provision of the ratings.

Sources of information: investor reports.

Applicable criteria, "EMEA Consumer ABS Rating Criteria", dated 12 July 2012,
and "Global Structured Finance Rating Criteria", dated 6 June 2012 are available
at www.fitchratings.com.

Applicable Criteria and Related Research:
EMEA Consumer ABS Rating Criteria
Global Structured Finance Rating Criteria
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