OREANDA-NEWS. Fitch Ratings has published a performance report for Driver China One Trust. The report supplements the agency's rating action commentary "Fitch Upgrades Driver China One Trust's Class B; Affirms Class A", published on 24 April 2015, in which the following rating actions were taken:

CNY175.9m Class A affirmed at 'AAsf'; Outlook Stable
CNY44m Class B upgraded to 'A+sf' from 'A-sf'; Outlook Stable

This performance report elaborates on Fitch's analysis and also supplements the Key Rating Drivers presented in the RAC.

The credit enhancements (CE) of the rated notes have built up substantially after closing due to the sequential pay-down of the notes. As at 31 March 2015, CE in the form of overcollateralisation for Class A and B stood at 37.5% and 21.8%, respectively, compared with 12.6% and 7.1% at closing. The performance of the loan portfolio is within Fitch's expectations with gross cumulative default ratio at 0.61% as at end-March 2015. In Fitch's view, the recent breach in the gross cumulative default ratio trigger (at 0.5% for the relevant period) has no rating impact as the portfolio is performing within expectations.