OREANDA-NEWS. Fitch Ratings is actively monitoring the Indiana Finance Authority's private activity bonds (PABs, 'BBB-'/Rating Watch Negative) issued on behalf of I Fitch Ratings has assigned FCT Ginkgo Compartment Personal Loans 2016-1's notes final ratings as follows:

EUR500m Class A: 'AAAsf'; Outlook Stable

EUR78.4m Class B: 'AAsf'; Outlook Stable

EUR62.4m Class C: 'A+sf'; Outlook Stable

EUR159.2m Class D: not rated

FCT Ginkgo Compartment Personal Loans 2016-1 is a 18-month revolving securitisation of French unsecured consumer loans originated in France by CA Consumer Finance (CACF). The securitised portfolio consists of general-purpose personal loans and debt consolidation loans advanced to individuals. All the loans bear a fixed interest rate and are amortising in constant monthly instalments.

KEY RATING DRIVERS

Underlying Receivables Credit Risk

Fitch analysed obligor credit risk by forming base-case default expectations (9.6%) and recovery assumptions (44.1%) based on a worst-case portfolio, stressing these assumptions according to the rating level of each note. The agency reviewed separate default and recovery data, and assigned separate base case default and recovery assumptions for personal loans and debt consolidation loans.

Revolving Period Risk Mitigated

The transaction has a maximum 18-month revolving period. The early amortisation triggers, along with eligibility criteria and available credit enhancement, adequately mitigate the risk introduced by the revolving period. Fitch analysed potential pool mix shifts during this period and modelled a worst-case portfolio.

Servicing Continuity Risk

CACF is servicer of the transaction. No back-up servicer was appointed at closing. However, servicing continuity risks are mitigated by, among other things, monthly transfer of borrowers' notification details, a commingling reserve, a reserve fund to cover liquidity, and the management company being responsible for appointing a substitute servicer within 30 calendar days upon the occurrence of a servicer termination event.

Asset Outlook

Fitch has a stable outlook for French consumer ABS assets. Although the agency forecasts French economic activity to remain weak over the next two years, characterised by high unemployment, Fitch believes defaults are likely to remain within expectations, as these already incorporate our short-term macroeconomic expectations.

RATING SENSITIVITIES

Fitch tested the rating sensitivity of the notes to various scenarios, including an increase in the base case default rate or a decrease in the base case recovery rate for the portfolio. The model-implied sensitivities indicate that an increase in the base case default rate by 50% together with a decrease in the base case recovery rate by 50%, may result in a four-notch downgrade of the class A notes to 'A+sf', a five-notch downgrade of the class B notes to 'BBB+sf' and a four-notch downgrade of the class C notes to 'BBB-sf'.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation to this rating action

DATA ADEQUACY

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.

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 asset pool 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.

-Pool stratification data provided by CACF as at 30 June 2016

-Portfolio amortisation profile provided by CACF as at 30 June 2016

-Monthly origination volumes, dynamic delinquency data, prepayment data, data on cumulative defaults, over-indebtedness and recoveries (following default or following implementation of the restructuring plan by the French over-indebtedness commission) from at least 2004 to 2015, split by different sub-pools when possible. The data as of end-2015 was provided by CACF.

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 new issue report (see FCT Ginkgo Compartment Personal Loans 2016-1 - Appendix, dated 20 July 2016 at www. fitchratings. com). In addition refer to the special report "Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions" dated 31 May 2016, available on the Fitch website.