OREANDA-NEWS. Fitch Ratings has affirmed 23 tranches, upgraded one tranche and affirmed and withdrawn the rating on one tranche of seven European structured finance collateralised debt obligation (SF CDO) transactions. A full list of rating actions is at the end of this rating action commentary.

KEY RATING DRIVERS
Strong recovery performance in Anthracite Euro CRE CDO 2006-1 p.l.c. has continued since the last review in July 2014 and the class A note has been paid in full. The class B note remains undercollateralised, due to strong recovery performance, the amount of undercollateralisation has fallen to EUR14.8m from EUR26.2m, when defaulted assets are discounted to their projected recovery values. While Fitch considers default of the class B note is still probable, due to strong recovery receipts default is no longer considered inevitable. As a result, we have upgraded the class B notes to 'CCsf' from 'Csf'.

Fitch has affirmed and withdrawn the rating of House of Europe III's class E notes as a result of a policy change. Under Fitch's Criteria for Rating Caps and Limitations in Global Structured Finance Transaction, we will not assign principal-only ratings where an interest coupon for a note exists. The class E notes in this transaction are contractually due a coupon and a principal-only rating is therefore not appropriate.

House of Europe 1's certificates are rated on a principal-only basis and benefit from the support of zero-coupon French government bonds to repay the notes' notional. The certificates are not due a contractual coupon but may receive a dividend at each payment date should there be sufficient funds available. The rating assigned does not address any dividend payments but only that principal is repaid at or prior to maturity.

Fitch believes the remainder of the transactions are highly distressed, as reflected by the highest rating of 'CCsf'. Fitch views the default of any tranche rated 'CCsf' as probable and rated 'Csf' as inevitable. Performance in the past year has been in line with Fitch's expectations.

RATING SENSITIVITIES
Most notes are already at distressed ratings levels and as such are unlikely to be affected by any further deterioration in the respective underlying asset portfolios. For House of Europe 1's certificates, the rating is linked to the sovereign rating of France (see "Fitch Affirms France at 'AA'; Outlook Stable" dated 12 June 2015 at www.fitchratings.com for rating sensitivities).

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 pools and the transactions. 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.

The majority of the underlying assets have ratings or credit opinions from Fitch and/or other Nationally Recognized Statistical Rating Organizations and/or European Securities and Markets Authority registered rating agencies. Fitch has relied on the practices of the relevant Fitch groups and/or other rating agencies to assess 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.
- Loan-by-loan data provided by UBS as at 15 June 2015 with regards to Brooklands Euro Referenced Linked Notes 2005-1 Ltd.
- Transaction reporting provided by Calculation Agents and Trustees

The rating actions are as follows:

Anthracite Euro CRE CDO 2006-1 p.l.c.
Class B (ISIN XS0276697512): upgraded to 'CCsf' from 'Csf'
Class C (ISIN XS0276698163): affirmed at 'Csf'
Class D (ISIN XS0276698833): affirmed at 'Csf'
Class E (ISIN XS0276699302): affirmed at 'Csf'

Brooklands Euro Referenced Linked Notes 2005-1 Ltd
Class D1 (ISIN XS0226777133): affirmed at 'Csf'
Class D2 (ISIN XS0226777216): affirmed at 'Csf'
Class E (ISIN XS0226777729): affirmed at 'Dsf'

Cloverie Series 2005-04
Series 2005-04 (ISIN XS0212294077): affirmed at 'Csf'

High Tide CDO I S.A.
Class A (ISIN XS0169669081): affirmed at 'CCsf'
Class B (ISIN XS0169669164): affirmed at 'CCsf'
Class C (ISIN XS0169669248): affirmed at 'Dsf'

House of Europe Funding I, Ltd
Class A (XS0220241086): affirmed at 'Csf'
Class B (XS0220241755): affirmed at 'Csf'
Class C (XS0220242134): affirmed at 'Csf'
Class C additional interest (interest only): affirmed at 'Csf'
Certificates: affirmed at 'AAsf'; Stable Outlook

House of Europe Funding III PLC
Class A (XS0202218284): affirmed at 'Csf'
Class B (XS0202219092): affirmed at 'Csf'
Class C (XS0202219415): affirmed at 'Csf'
Class D (XS0202221072): affirmed at 'Csf'
Class E (XS0202221155): affirmed at 'AAsf' and withdrawn

ODEON ABS 2007-1 B.V.
Class A-1 (XS0308505568): affirmed at 'Csf'
Class A-2 (XS0308507267): affirmed at 'Csf'
Class A-3 (XS0308534154): affirmed at 'Csf'
Class B (XS0308534311): affirmed at 'Csf'