OREANDA-NEWS. Fitch Ratings says 243 Asia-Pacific (APAC) structured finance (SF) tranches were affirmed in 1Q15. During the quarter, nine Australian tranches were upgraded and one tranche from Japan was downgraded.

Rating actions in Australia and New Zealand were once again supported by strong economic performance, with most ratings reviewed during the quarter, being affirmed and contributing to 90% of the total affirmations in the region. In addition, nine tranches were upgraded.

In Japan, 11 ratings were affirmed in the quarter - seven tranches from two RMBS transactions, three structured credit transactions and one CMBS tranche. The only downgrade in the quarter was to the Class E of JCREF CMBS 2007-1, which was downgraded to 'Dsf' from 'Csf' following the completion of workout activities of all defaulted loans backing the transaction; the rating was simultaneously withdrawn.

An improved economic background in India lead to a revision of the Outlooks assigned to four tranches from three ABS transactions, to Stable from Negative, as delinquencies stabilised and credit enhancement continued to build. A further eight Indian auto loan ABS tranches were also affirmed, with Stable Outlooks in the quarter. Three tranches from two Korean auto loan transactions were affirmed.

Most long-term ratings in APAC have Stable Outlooks. The exceptions are Negative Outlooks on two credit-linked SC transactions, and five Positive Outlooks in Australia (3) and Japan (2).

Individual rating action commentaries relating to specific rating actions can be found on Fitch's website at www.fitchratings.com.