OREANDA-NEWS. Fitch Ratings says it expects there will be no rating impact on FCT Factoring Asset Securitisation Transaction's (FAST) class A1 and class A2 notes from the proposed waiver. The waiver regards the partial amortisation of the class A1 notes for the monthly information date falling on 29 September 2015.

FAST is a securitisation of French trade receivables purchased by the issuer from the seller, Natixis Factor, a factoring company 100% owned by Natixis (A/Stable/F1), which acquired them in the context of factoring contracts with its clients. The transaction closed in December 2012 with a three-year revolving period. At closing, FCT FAST issued two classes of notes, class A1 and class A2 notes (both rated AAAsf), as well as specific units and subordinated units. The class A1 notes are term notes which are allowed to amortise, in part, during the revolving period, if amortisation is required under the senior funding base calculation. Following this amortisation, further A1 notes cannot be reissued.

As a result of a combination of seasonality and temporary effects, Natixis Factor expects that the senior funding base will fall below the outstanding class A1 notes balance in September 2015. A waiver of the class A1 notes' amortisation is therefore being contemplated. Should the waiver be accepted by the noteholders and the management company (Eurotitrisation), the class A1 notes would not amortise on the 13 October 2015 payment date.

Fitch expects the protection available to the class A1 and class A2 notes to remain adequate due to the additional collateralisation. If needed, this will be provided in the form of cash funded through the issuance of further subordinated units. Consequently, Fitch does not expect the potential waiver of the class A1 notes amortisation to have any rating impact on the class A1 and class A2 notes.