OREANDA-NEWS. Fitch Ratings has affirmed LMA S.A./LMA-Americas LLC's (LMA) asset-backed commercial paper (ABCP) Short-term rating at 'F1sf' following a review of the programme.

KEY RATING DRIVERS
LMA's CP is fully supported by Credit Agricole Corporate and Investment Bank (CA CIB, A/Stable/F1), which acts as the programme's sponsor, administrator and liquidity provider. CA CIB's commitment under the transaction's liquidity facility agreements ensures the full and timely repayment of all maturing CP notes if LMA has insufficient funds on any CP maturity date. As such, the rating of the CP issued is mainly dependent on the Short-term IDR of CA CIB and does not rely on transaction-specific or programme-wide credit enhancement.

The affirmation follows a discussion with CA CIB's management and takes into consideration the conduit's performance, CP issuance, portfolio composition, IT administration systems, administrative procedures and credit policies.

LMA is a multi-seller ABCP programme structured to issue billets de tresorerie, ECP and US CP. All transactions in the conduit are fully supported. As of 31 August 2015, the portfolio consisted of trade receivables (82% of the portfolio) and auto loans and leases (18%). LMA's outstanding CP was EUR9.5bn equivalent.

RATING SENSITIVITIES
The rating of LMA's ABCP is closely linked and expected to move with the Short-term IDR of its direct support counterparty, CA CIB. Unless appropriate remedial actions are taken, a rating downgrade of CA CIB would result in a corresponding downgrade to the rating of LMA's ABCP.

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 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 did not review the results of a third party assessment conducted on the asset portfolio information.

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.
Transaction reporting provided by CA CIB as at 31 August 2015
On-site presentation material provided by CA CIB as at 22 September 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 LMA S.A./LMA-Americas LLC - Appendix, dated 29 October 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."