OREANDA-NEWS. Fitch Ratings has affirmed FCT Ginkgo Compartment Sales Finance 2013-1, as follows:

Class A notes affirmed at 'AAAsf'; Outlook Stable
Class B notes affirmed at 'AAsf'; Outlook revised to Positive from Stable
Class C notes affirmed at 'A+sf'; Outlook revised to Positive from Stable

FCT Ginkgo Compartment Sales Finance 2013-1 is a 12-month revolving securitisation of French unsecured consumer loans originated in France by Credit Agricole Consumer Finance (CACF, A/Positive/F1). The securitised portfolio consists of loans advanced to individuals for home equipment, recreational vehicles, new vehicles and used vehicles. All the loans bear a fixed interest rate and are amortising with constant monthly instalments. The revolving period ended in December 2014 and the transaction has been amortising since the beginning of 2015.

KEY RATING DRIVERS
The affirmation of the class A notes and the revision of the Outlook to Positive on the class B and C notes reflects the rapid increase in credit enhancement. This is a result of the transaction deleveraging and its strong capacity to generate excess spread to cover defaulted receivables.

The portfolio amortisation combined with the sequential amortisation of the notes and a non-amortising reserve fund has increased the level of protection available to the rated notes. The transaction is performing broadly in line with Fitch's initial expectations and the current credit enhancement provides an additional cushion to withstand deterioration in asset performance.

The cumulative default rate was 1.8% as of August 2015 and cumulative recoveries 17.6%. The gross excess spread has remained stable since closing at 5.2% in average over the past six months despite the high prepayment rate of 15.5% on average during the period. The transaction also benefits from a default provisioning mechanism that has allowed trapping of excess spread to comfortably cover defaulted receivables.

Credit enhancement for the class A notes, provided by the subordination of the class B, C and unrated D notes and the reserve fund, has increased to 35.5% from 25.3% initially. The class B notes' credit enhancement has increased to 26.9% from an initial 19.2% and is provided by the subordination of the class C notes and unrated D notes and the reserve fund. Credit enhancement for the class C notes is 20.5% from 14.6% initially. Credit enhancement for the class C notes is provided by the subordination of the unrated class D notes and the reserve fund.

RATING SENSITIVITIES
Fitch is maintaining its original base case default and recovery expectations. Therefore, the rating sensitivities are still in line with the original ones, which can be found in the rating action commentary published on 20 December 2013 at fitchratings.com.

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.

Prior to the transaction closing, Fitch conducted a review of a small targeted sample of CACF's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio.

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 Euro Titrisation as at 24 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 FCT Ginkgo Compartment Sales Finance 2013-1 - Appendix, dated 20 December 2013 at www.fitchratings.com). In addition refer to the special report "Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions" dated 26 March 2015 available on the Fitch website.