OREANDA-NEWS. Fitch Ratings has affirmed the notes of S-Core 2007-1 GmbH as follows:

EUR6.8m class C secured notes (ISIN: XS0312779068): affirmed at 'Csf'; Recovery Estimate (RE): revised to 0% from 5%
EUR12.4m class D secured notes (ISIN: XS0312779142): affirmed at 'Csf'; RE: 0%
EUR19.7m class E secured notes (ISIN: XS0312779225): affirmed at 'Csf'; RE: 0%

The transaction is a cash securitisation of certificates of indebtedness (Schuldscheindarlehen) to German SMEs originated and serviced by Deutsche Bank AG (A+/Negative/F1+).

KEY RATING DRIVERS
S-Core 2007-1 reached scheduled maturity in April 2014. The companies' remaining Schuldschein loans securitised in the pool, which were not restructured or extended previously, became due shortly before the scheduled maturity date. The class C, D and E notes are still outstanding. As of the last investor report (January 2016), two companies remained in the portfolio. According to the manager, a waiver of debt has been agreed with one of the companies and no further repayments will be received.

The maturity of the other company's loan has been extended repeatedly. As of the January 2016 report, the loan's outstanding notional equalled EUR1.5m. Fitch does not have information on the repayment prospects of this company, and given the unsecured nature of the loan, the agency does not expect any repayment of the outstanding class C, class D and class E notes. This is reflected in the 'Csf' ratings.

For the class C notes Fitch has revised its RE to 0% from 5% to reflect the lack of information about repayment prospects and the short time to legal final maturity in April 2016. For the remaining notes the REs were maintained at 0%.

Fitch assigns RE to all notes rated 'CCCsf' or below. REs are forward-looking recovery estimates, taking into account Fitch's expectations for principal repayments on a distressed structured finance security.

RATING SENSITIVITIES
After scheduled maturity, the transaction is primarily sensitive to repayments from underlying defaulted or restructured loans.

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:
-Issuer and servicer reports dated 25 January 2016 and provided by Deutsche Bank AG
-Updates from the servicer dated 14 March 2016