OREANDA-NEWS. November 17, 2015. Fitch Ratings has afffirmed Autonoria Compartment Autonoria 2014's class A notes at 'AAAsf' with Stable Outlook.

Autonoria Compartment Autonoria 2014 is a 15-month revolving securitisation of unsecured consumer loans originated in France by BNP Paribas Personal Finance, a wholly-owned subsidiary of the BNP Paribas group (BNPP, A+/Stable/F1). The securitised portfolio consists of loans advanced to individuals to finance the purchase of automobiles, motorcycles and recreational vehicles (motorhomes). All the loans bear a fixed interest rate and are amortising, with constant monthly instalments.

KEY RATING DRIVERS
The affirmation reflects the adequate performance of the underlying receivables over the last 10 months. The transaction's performance is in line with Fitch's expectation, with a cumulative default level of 0.44% as of end-September 2015. The transaction benefits from a significant level of net excess spread representing 4.8% on average over the last six months.

The revolving period is expected to end following the payment date in February 2016. Since the transaction closed in November 2014, credit enhancement for the class A notes, provided by the subordination of the unrated class B and the reserve fund, has been maintained at 23.5%.

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 dated 26 November 2014 at www.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 that nine loans were missing. According to BNPP PF, such files were not available for the Agreed Upon Procedures (AUP) due to logistic reasons. Fitch considers that missing files would probably affect legal recourse against the borrower in the case of default. However, in the agency's opinion, this would be relatively immaterial to the ratings, as shown in the sensitivity analysis with respect of recoveries (see Rating Sensitivity above): a 10% haircut on the base-case recovery rate assumption would not result in a downgrade of the class A notes. The other error findings reported in the AUP were considered immaterial by Fitch, and as such, did not affect the rating analysis.

Prior to the transaction closing, Fitch conducted a review of a small targeted sample of BNP Paribas Personal Finance'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 France Titrisation as at 30 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 Autonoria Compartment Autonoria 2014 - Appendix, dated 26 November 2014 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.