OREANDA-NEWS. Fitch Ratings has downgraded PREPS 2007-1 PLC's class A1 and B1 notes and subsequently withdrawn the ratings, as follows:

EUR18.3m class A1 notes (ISIN: XS0289620709): downgraded to 'Dsf' from 'Csf'; withdrawn
EUR35m class B1 notes (ISIN: XS0289620881): downgraded to 'Dsf' from 'Csf'; withdrawn

The transaction was a pan-European cash securitisation of subordinated loans to medium-sized enterprises.
KEY RATING DRIVERS
The transaction reached final maturity in March 2016. The outstanding principal amounts on the class A1 and B1 notes were not repaid in full due to the number of defaults that occurred in the portfolio since closing in March 2007. The agency has downgraded the notes to 'Dsf' and withdrawn the ratings.

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.

Fitch did not undertake a review of the information provided about the underlying asset pool ahead of the transaction's initial closing. The subsequent performance of the transaction over the years is consistent with the agency's expectations given the operating environment and Fitch is therefore satisfied that the asset pool information relied upon for its initial rating analysis was adequately reliable.

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.
-Final transaction reporting provided by BNY Mellon as at 7 March 2016
-Loan enforcement details provided by BNY Mellon as at 7 March 2016.