OREANDA-NEWS. Fitch Ratings has affirmed Secucor Finance 2013-I Limited's (Secucor) class A1 and class A2 (together class A) asset-backed floating-rate notes, as follows:

EUR550m class A1 notes (ISIN XS0982274234): affirmed at 'AA+sf'; Outlook Stable
EUR50m class A2 notes (ISIN XS0982274408): affirmed at 'AA+sf'; Outlook Stable

Secucor is the first securitisation originated by Financiera El Corte Ingles EFC SA (FECI). The transaction securitises a revolving portfolio of short-term consumer credits. The assets correspond to consumer purchases, either charged on the store's private credit cards or financed by short- to mid-term consumer loans.

Secucor acquired FECI's entire book of eligible assets at closing in November 2013 using the proceeds from the class A notes and class B variable funding notes (VFN). Secucor will acquire the entire production of eligible assets originated by FECI during the revolving period using additional subscriptions of the class B VFN when needed. The revolving period will end in November 2015 or earlier if triggered by events.

The rating addresses the timely payment of interest and the ultimate payment of principal on the class A notes, in accordance with the terms and conditions of the documentation.

KEY RATING DRIVERS
Sovereign Cap
The rating is the highest rating possible for Spanish structured finance transactions, as it is six notches above the Kingdom of Spain's Issuer Default Rating (BBB+/Stable/F2).

Strong Asset Performance
Fitch assigned product-specific base case lifetime loss rates of 0.4% and 1.3% to the card products (TSC and TS9, respectively), and 1.0% and 4.0% (FSC and FCC, respectively), to the loan products. These base cases reflect strong performance in line with the one being observed, as delinquent products (from 30 days in arrears up to 180 days) represent 0.4%, 2.0%, 0.5% and 1.6% for TSC, TS9, FSC and FCC in July 2015, respectively.

Early Amortisation Unlikely
Delinquency, default and dilutions triggers that could prevent the transaction from continuing revolving are far from being reached due to the strong performance and low dilutions in the transaction.

Dynamic Overcollateralisation (OC)
The structure guarantees a minimum 20.2% of credit enhancement (including the reserve fund) from OC to the class A notes during the revolving phase, which covers dilution, interest rate and credit risks. Credit enhancement has been considerably higher than the minimum required during most of the life of the deal as the asset production of FECI, excluding non-eligible assets, has regularly been higher than required amount.

Adjusted Borrowing Base (ABB)
The structure securitises all assets from specific credit products. However, some assets, such as delinquent receivables, are excluded from the borrowing base calculation of the required OC. The non-ABB eligible assets provide an upside, given that the ABB represents the value of a "clean" portfolio of assets.

RATING SENSITIVITIES
A 10% increase in the base case loss rates assumed by Fitch for the different products during the analysis would result in a downgrade of both class A1 and A2 notes to 'AAsf' while a 25% increase would result in a downgrade to 'AA-sf'. These sensitivity stresses have been implemented by comparing the loss reserve implied multiples in the stressed scenarios with the implied multiples of the original base cases. These base cases have been tiered for each rating scenario using the median default stress multiples defined in Fitch's EMEA Consumer ABS Rating Criteria.

These sensitivity results do not capture the protection to the structure provided by the early amortisation triggers or the asset factor floor and focus only on the credit performance of the assets.

Reporting has been of high quality and the agency maintains a four star Issuer Report Grade for this transaction.

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.

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.
- Loan-by-loan data provided by the European Data Warehouse as of August 2015
- Transaction reporting provided by Financiera El Corte Ingles as of August 2015
- Servicer's procedures review as of June 2015

REPRESENTATIONS AND WARRANTIES
A comparison of the transaction's Representations, Warranties & Enforcement Mechanisms to those typical for the asset class is available by accessing the appendix that accompanies the initial new issue report (see Secucor Finance 2013-I Limited - Appendix, dated 08-November-2013 at www.fitchratings.com). In addition refer to the special report "Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions" dated 12 June 2015 available on the Fitch website.