RPT-Fitch: Japanese SF Transactions Mostly Stable in 1Q14

Wed Apr 16, 2014 3:39am EDT

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April 16 (Reuters) - (The following statement was released by the rating agency)

Fitch Ratings says its rated Japanese structured finance (SF) and structured credit (SC) transactions remained mostly stable in 1Q14, with 11 rating affirmations and two downgrades to 'Dsf'.

The class D and E notes of GK Orso Funding CMBS 7, a CMBS transaction, were downgraded to 'Dsf' from 'CCsf' and 'Csf', respectively, following the principal loss on the remaining defaulted loans. Fitch withdrew its ratings on this transaction due to lack of investor interest.

The 11 affirmations mostly reflected Fitch's view that the available credit enhancement is sufficient to support the current ratings. The affirmations were for seven tranches from two RMBS transactions, two tranches from two CMBS transactions and two SC transactions.

The Outlooks for Japanese SF ratings remain mostly Stable, with a limited number of exceptions: Negative Outlooks on a SC transaction and a CMBS tranche as well as Positive Outlooks on five tranches from four CMBS transactions.

Individual rating action commentaries relating to specific rating actions can be found on Fitch's website at www.fitchratings.com.

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