OREANDA-NEWS. This announcement corrects the version published on 24 June 2016, which incorrectly stated the Outlook on The Bank of Tokyo Mitsubishi UFJ, Ltd.

Fitch Ratings has affirmed Albion Capital Corporation S. A.'s (Albion) asset-backed commercial paper (ABCP) Short-term Rating at 'F1sf' following a review of the programme.

KEY RATING DRIVERS

Albion's CP is fully supported by The Bank of Tokyo Mitsubishi UFJ, Ltd. (BTMU, A/Negative/F1), which acts as the programme's sponsor and main liquidity provider. BTMU's commitment under the programme liquidity agreement ensures the full and timely repayment of all maturing CP notes if Albion has insufficient funds on any CP maturity date. The CP rating is therefore linked to BTMU's Short-term rating of 'F1'.

The affirmation follows a discussion with BTMU's management and takes into consideration the conduit's performance, CP issuance and portfolio composition over the past 12 months.

The total portfolio consists of 20 transactions, up from 15 at the time of the previous annual review. The portfolio predominantly comprises auto finance receivables and trade receivables at 62% and 23%, respectively, which is largely unchanged from last year. The geographic distribution of the portfolio has also remained unchanged, with the UK accounting for half of the portfolio, followed by Germany at 26%.

Albion is a fully supported, multi-seller ABCP programme structured to issue US and euro CP in various currencies to fund the purchase of diverse asset types up to a maximum programme limit of USD10bn. Albion re-started issuing CP following the restructuring in 2013, which added a US co-issuer to enhance Albion's USCP issuance capacity and increased the programme size to USD10bn from USD2bn. The programme currently has USD3.0bn of CP outstanding, up from USD2.7bn at the time of the previous review.

RATING SENSITIVITIES

A change to BTMU's Short-Term IDR would also be reflected in a change to the rating of Albion's CP.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the information it has received about the performance of the Albion programme. There were no findings that were material to this analysis. Fitch has not reviewed the results of any third party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring.

Overall, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable.