RPT-Fitch Affirms 3 MARC Finance Notes

Fri Jul 18, 2014 2:47am EDT

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July 18 (Reuters) - (The following statement was released by the rating agency)

Fitch Ratings has affirmed three of MARC Finance Ltd's repackaged notes as listed below. All three notes are backed by single-name collateral securities with a currency swap.

JPY2bn* Series M415 repackaged notes due 2016 affirmed at 'Asf'; Outlook Stable

JPY600m* Series M496 repackaged notes due 2017 affirmed at 'Asf'; Outlook Stable

JPY2bn* Series M522 repackaged notes due 2017 affirmed at 'Asf'; Outlook Stable

*as of 17 July 2014

KEY RATING DRIVERS

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

The notes have been affirmed as there has been no change to the Long-Term Issuer Default Ratings (IDRs) of the two entities since the previous rating actions in September 2013. The Outlooks are Stable, reflecting the same Outlook on the two entities.

RATING SENSITIVITIES

The ratings of the notes are sensitive to changes in the Long-Term IDRs of the two risk-presenting entities.

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