OREANDA-NEWS. Fitch Ratings has downgraded PREPS 2006-1 PLC's class B1 and B2 notes and has subsequently withdrawn the ratings, as follows:

EUR13.2m class B1 notes (ISIN: XS0261125677): downgraded to 'Dsf' from 'Csf'; withdrawn
EUR3m class B2 notes (ISIN: XS0261127376): downgraded to 'Dsf' from 'Csf'; withdrawn

KEY RATING DRIVERS
The transaction reached final maturity in July 2015. The outstanding principal amounts on the class B1 and B2 notes were not repaid in full due to the number of defaults that occurred in the portfolio since closing in July 2006. As Fitch's ratings on the notes address timely payment of interest and ultimate repayment of principal according to the terms of the notes and following the tranches' default, the agency has downgraded the notes to 'Dsf' and withdrawn the ratings.

Fitch will no longer provide ratings or analytical coverage of the abovementioned notes.

RATING SENSITIVITIES
Rating sensitivities are not applicable as the transaction has reached final maturity.

DUE DILIGENCE USAGE
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.

Fitch did not undertake a review of the information provided about the underlying asset pool ahead of the transaction's initial closing. The subsequent performance of the transaction over the years is consistent with the agency's expectations given the operating environment and Fitch is therefore satisfied that the asset pool information relied upon for its initial rating analysis was adequately reliable.