(Repeat for additional subscribers)
July 18 (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
The ratings of the notes are sensitive to changes in the Long-Term IDRs of the
two risk-presenting entities.