OREANDA-NEWS. Fitch Ratings has affirmed three of MARC Finance Ltd's repackaged notes as listed below. All three notes are backed by single-name collateral securities with a currency swap.

JPY2bn* Series M415 repackaged notes due 2016 affirmed at 'Asf'; Outlook Stable
JPY600m* Series M496 repackaged notes due 2017 affirmed at 'Asf'; Outlook Stable
JPY2bn* Series M522 repackaged notes due 2017 affirmed at 'Asf'; Outlook Stable
*as of 6 July 2015

KEY RATING DRIVERS

The rating of each series reflects the first-to-default risk of the two risk-presenting entities - the collateral issuer and the swap counterparty, BNP Paribas (A+/Stable), London branch.

The notes have been affirmed as there have been no changes to the Long-Term Issuer Default Ratings (IDRs) of the two entities since the previous rating actions in July 2014. The Outlooks are Stable, reflecting the same Outlook on the two entities.

RATING SENSITIVITIES

The ratings of the notes are sensitive to changes in the Long-Term IDRs of the two risk-presenting entities. Based on the applicable criteria, a one-notch downgrade of either party's rating would result in a one-notch downgrade on the notes. A one-notch upgrade of the rating on either party would lead to a one-notch upgrade on the notes. This sensitivity only describes the matrix-implied rating impact and it should not be used as an indicator of possible future performance.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation to this rating action.

DATA ADEQUACY

The collateral issuer of the underlying asset has a rating from Fitch. Fitch has relied on the practices of the relevant Fitch groups to assess the collateral information.

Overall, Fitch's assessment of the collateral information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable.