OREANDA-NEWS. Fitch Ratings says Japanese structured finance (SF) and structured credit (SC) transactions were predominantly stable in 1Q15, with 11 rating affirmations and one downgrade.

Of the 11 affirmations in 1Q15, seven were from two RMBS transactions, reflecting Fitch's view that available credit enhancement levels are sufficient to support the current ratings. The other four affirmations were from three SC and one CMBS transaction, backed by fully amortising loans.

The Class E notes of JCREF CMBS 2007-1 GK, a CMBS transaction, were downgraded to 'Dsf' from 'Csf', following the completion of workout activities of all defaulted loans backing the transaction. The rating was simultaneously withdrawn due to tranche default.

Given the performance of the underlying pools, Stable Outlooks remain on most Japanese SF and SC ratings, with just one Negative Outlook on an SC transaction and Positive Outlooks on one CMBS tranche and one RMBS tranche. Fitch expects asset, and in turn, rating performance to remain stable in most Japanese SF transactions supported by current macro-economic conditions.

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