OREANDA-NEWS. Fitch Ratings has downgraded ExFin Capital BV's Class A notes to 'BBB+sf' from 'AAsf' and removed it from Rating Watch Negative. The Outlook is Stable. At the same time, Fitch has withdrawn the rating.

ExFin Capital B.V. is a securitisation vehicle set up to fund export finance structures, whose claims were originated by ABN AMRO Bank N.V. (now RBS N.V.) in 2009. The loans are guaranteed by export credit agencies (ECA) from France, Germany and the UK.

KEY RATING DRIVERS
Royal Bank of Scotland (RBS; BBB+/Stable/F2), as the account bank and cash administrator of the transaction, has indicated that no replacement will be appointed following their downgrade on 19 May 2015. Given the lack of account bank replacement, Fitch is capping the ratings of the notes at the rating of RBS.

Fitch is withdrawing the rating as RBS has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings or analytical coverage for ExFin Capital BV.

RATING SENSITIVITIES
Not applicable

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.

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.
- Issuer and servicer reports dated 7 September 2015 and 8 September 2015, respectively

MODELS
Not applicable

REPRESENTATIONS AND WARRANTIES
Not applicable