OREANDA-NEWS. Fitch Ratings has affirmed three beneficial interests (BIs) from Shinsei TB Fund 7976001 and has simultaneously withdrawn them for commercial reasons. The transaction is a securitisation of residential mortgage loan receivables predominantly backed by investment properties in Japan. The rating actions are listed below:

JPY5.62bn* mezzanine BIs 1 affirmed at 'A+sf'; Outlook Stable; rating withdrawn
JPY1.7bn* mezzanine BIs 2 affirmed at 'Asf'; Outlook Stable; rating withdrawn
JPY2.05bn* mezzanine BIs 3 affirmed at 'BBB-sf'; Outlook Stable; rating withdrawn
*as of 29 June 2015

KEY RATING DRIVERS
The affirmations reflect Fitch's view that the available credit enhancement levels are sufficient to support the current ratings. The default performance of the underlying pool has been stable and the default model was not re-run for this rating action. Excess spread has been used to pay down the BIs, which has slowed the decline in the balance of the non-rated junior BIs caused by the distribution of defaulted loans.

RATING SENSITIVITIES
Not applicable

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 underlying pools 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 underlying pools' information or conducted a review of loan origination files as part of its ongoing monitoring.