(Repeat for addtiional subscribers)
June 24 (The following statement was released by the rating agency)
Fitch Ratings has updated its EMEA Consumer ABS Rating Criteria and the associated Auto Residual Value Addendum. The criteria remain unchanged and as such Fitch does not expect any rating impact.
'EMEA Consumer ABS Rating Criteria' replaces the report of the same title dated 09 July 2013. The only change is that Fitch now includes a clarification on the treatment of receivables transferred on a discounted basis to the SPV. This is intended to increase transparency, without changing the longstanding underlying analytical approach.
'EMEA Consumer ABS Rating Criteria - Auto Residual Value Addendum' replaces the report of the same title dated 09 July 2013. No methodological changes were introduced, but Fitch has added further transparency on the treatment of voluntary termination risk in UK auto loan transactions.
The criteria reports are available at www.fitchratings.com.
Link to Fitch Ratings' Report: EMEA Consumer ABS Rating Criteria