OREANDA-NEWS. Fitch Affirms and Withdraws Synthesis' 'F1+(zaf)' Rating London Fitch Ratings has affirmed Synthesis Funding Limited's commercial paper's (CP) National Short-term rating at 'F1+(zaf)' and simultaneously withdrawn the rating.

Synthesis' is a partially-supported asset-backed CP programme sponsored by Nedbank Group Limited (Nedbank, AA(zaf)/Stable/F1+(zaf)). Nedbank fulfils multiple roles in the programmes, including sponsor, administrator, liquidity provider, credit enhancement provider, hedge provider and account bank. As a result, the rating of Synthesis' CP is highly dependent on Nedbank particularly in its role as liquidity and credit enhancement provider.

KEY RATING DRIVERS

Fitch has withdrawn the rating as Synthesis has chosen to stop participating in the rating process due to the change in Fitch's regulatory status in South Africa. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings or analytical coverage for Synthesis.

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 asset pool and the transaction. 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.

Prior to the transaction closing, Fitch did not review the results of a third party assessment conducted on the asset portfolio information.

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.

SOURCES OF INFORMATION

The information below was used in the analysis.

- Transaction reporting provided by Nedbank as at 29 February 2016.