TEXT-Fitch affirms Bilkreditt 1
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
- Man called Bitcoin's father denies ties, leads LA car chase
- Apple loses bid for U.S. ban on Samsung smartphone sales
- UPDATE 6-Obama warns on Crimea, orders sanctions over Russian moves in Ukraine
- Florida mayor fights backyard gun ranges in 'Gunshine State'
- Putin rebuffs Obama as Ukraine crisis escalates |