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July 8 (The following statement was released by the rating agency)
Fitch Ratings said that a total of 33 publicly rated tranches from non-Japan Asia structured finance (SF) transactions were affirmed in 2Q14 as asset performance continued to be within the agency's expectations.
The affirmation of 26 tranches from 21 Indian auto loan ABS transactions reflected Fitch's view that the performance of the underlying assets has remained within expectations, and that credit enhancement is sufficient to support the current ratings. Delinquencies had risen markedly between end-2013 and early 2014, a factor that resulted in the outlooks assigned to four tranches being revised to Negative from Stable during 2Q14; arrears have since stabilised.
Five Korean ABS tranches were affirmed in 2Q14, three from auto ABS transactions and two from credit card transactions. The auto loan transactions have adequate credit enhancement and low delinquencies and defaults. Of the two credit card tranches affirmed during the quarter, one was subsequently redeemed in full. All of the outstanding transactions that were reviewed in 2Q14 have entered their respective controlled amortisation periods.
The affirmation of class A from Emerald Assets Limited Series P1-AAA-002, a Singapore CMBS transaction backed by, reflected strong cash flow, adequate occupancy levels and debt service coverage ratio. The transaction subsequently paid in full.
Finally, the rating of the notes from Eirles Two Series 364 were affirmed, although the Outlook was revised to Negative from Stable, reflecting a previous rating action on Deutsche Bank, AG (DB; A+/Negative/F1+).
Individual rating action commentaries relating to specific rating actions can be found on Fitch's website at www.fitchratings.com.