OREANDA-NEWS. Fitch Ratings affirms FCT Copernic Compartment Copernic 2012-1 class A1 notes and class A2 notes as follows:

Class A1 notes affirmed at 'AAAsf'; Outlook Stable
Class A2 notes affirmed at 'AAAsf'; Outlook Stable

The transaction is a securitisation of consumer loans originated by Carrefour Banque. Carrefour Banque is 60% owned by Carrefour SA (BBB/Positive) and 40% owned by BNP Paribas Personal Finance - a 100% subsidiary of BNP Paribas (A+/Stable/F1). As of end-May 2015, the portfolio comprised 49,798 loans with an average current balance of EUR5,270. The portfolio consists of personal loans (50.7%), debt consolidation loans (37.4%) and renovation loans (11.9%).

KEY RATING DRIVERS
The affirmation reflects the adequate performance of the transaction over the last 12 months. Cumulative gross defaults since closing in December 2012 stand at 3.9% of the initial portfolio balance plus additional receivables purchased during the revolving period and compares with an expected base case of 5%.

Since the transaction's closing, credit enhancement for the class A notes, mainly provided by the subordination of the class B notes, has increased to 91.9% from 28.2%. The transaction also benefits from a general reserve aimed at covering senior fees and interest payments on the class A1 and class A2 notes. The reserve fund may provide credit enhancement to the extent that the excess of the reserve will flow through the relevant priority of payments and provide additional excess spread, available to cure any amount registered on the principal deficiency ledger.

RATING SENSITIVITIES

In light of the performance of the transaction to date, Fitch is maintaining its base case default and recovery expectations.

In Fitch's stress tests increasing the default base case and reducing the recoveries base case by 25% each has had no impact on the class A1 and class A2 notes' current ratings of 'AAAsf'.

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 pool 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 asset portfolio information or conducted a review of origination files as part of its ongoing monitoring.

Prior to the transaction closing, Fitch reviewed the results of a third party assessment conducted on the asset portfolio information, which indicated no adverse findings material to the rating analysis.

Prior to the transaction closing, Fitch conducted a review of a small targeted sample of Carrefour Banque's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio.

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:
-Transaction reporting provided by France Titrisation as at 31 May 2015.