OREANDA-NEWS. Fitch Ratings has revised the Outlook on MARC Finance Ltd's Series M584 notes and affirmed their rating as shown below. The transaction is backed by single-name collateral securities with a currency swap.

JPY5bn* Series M584 repackaged notes due 2018 affirmed at 'BBB+sf'; Outlook revised to Positive from Stable
*as of 28 July 2015

KEY RATING DRIVERS
The Outlook revision reflects Fitch's view that the creditworthiness of the collateral securities is likely to be upgraded over the medium term if current trends persist. The Outlook on the collateral issuer's Long-Term Issuer Default Rating (IDR) was revised to Positive from Stable in June 2015. The rating of the repackaged notes reflects the first-to-default risk of the two risk-presenting entities in this transaction. The referenced risks are the collateral, subordinated bond (rated 'A-') issued by a financial institution, and the swap counterparty, BNP Paribas (A+/Stable), London branch.

The notes' rating has been affirmed as there have been no changes in the Long-Term IDR of the swap counterparty or the ratings of the collateral securities since the previous rating action in February 2015.

RATING SENSITIVITIES
The ratings of the notes are sensitive to changes in the ratings of the two risk-presenting entities. Based on the applicable criteria, a one-notch downgrade of the collateral securities would result in a one-notch downgrade of the notes, while a one-notch downgrade of the swap counterparty would not affect the ratings on the notes. A one-notch upgrade of either party would lead to a one-notch upgrade of 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 securities have 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.