OREANDA-NEWS. Fitch Ratings has assigned FCT Ginkgo Compartment Debt Conso 2015-1's notes final ratings as follows:

EUR507m Class A: 'Asf'; Outlook Stable
EUR39m Class B: 'BBBsf'; Outlook Stable
EUR104m Class C: not rated

The notes are backed by a pool of French unsecured consumer loans originated by CA Consumer Finance (CACF; A/Stable/F1) under its CreditLift brand via a network of brokers. The securitised portfolio consists of debt consolidation loans advanced to individuals. All the loans bear a fixed interest rate and are amortising with constant monthly instalments.

KEY RATING DRIVERS
Underlying Receivables Credit Risk
Fitch analysed obligor credit risk by forming base case default expectations (11.5%) and recovery assumptions (29.3%), stressing these assumptions according to the rating of each note.

Limited Historical Data
CACF has provided Fitch with separate historical default and recovery data, covering four years for debt consolidation loans originated under its CreditLift brand. Fitch also considered data provided by CACF for debt consolidation loans originated under its Sofinco brand, in light of their comparable underwriting and servicing process (same scoring system, collection process for loans in arrears and over-indebtedness receivables).

Revolving Period Risk Mitigated
The transaction has a maximum 36-month revolving period. The early amortisation triggers, along with eligibility criteria and available credit enhancement, adequately mitigate the risk added by the revolving period. Fitch has analysed potential pool mixtures during this period and modelled a worst-case portfolio.

Servicing Continuity Risk
CACF is the servicer. No back-up servicer was appointed at closing. However, servicing continuity risks are mitigated by, among other things, the monthly transfer of borrowers' details, a commingling reserve and a reserve fund to cover liquidity.

Asset Outlook
Fitch has a stable outlook for French consumer ABS assets. Although the agency forecasts French economic activity to remain weak over the next two years, characterised by high unemployment, Fitch believes defaults are likely to remain within expectations, as these already incorporate our short-term macroeconomic forecasts.

RATING SENSITIVITIES
Fitch tested the rating sensitivity of the notes to various scenarios, including an increase in the base case default rate and/or a decrease in the base case recovery rate for the portfolio. The model-implied sensitivities indicate that an increase in the base case default rate and a decrease in the base case recovery rate by 50% each may result in a five-notch downgrade of the class A notes to 'BB+sf' and the class B notes to 'B+sf'.

A presale report, including further information on transaction related stress, key rating drivers and rating sensitivities, as well as material sources of information that were used to prepare the credit rating, is available at www.fitchratings.com.

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

DATA ADEQUACY
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.

Fitch conducted a review of a small targeted sample of CACF'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 asset pool 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.
-Pool stratification data provided by CACF as at 30 June 2015
-Monthly origination volumes, dynamic delinquency data, prepayment data, and data on cumulative defaults and losses from 2011 to 2015, provided by CACF as at 31 March 2015. Fitch also considered data provided by CA CF for debt consolidation loans originated under its Sofinco brand from 2004 to 2014.