OREANDA-NEWS. Fitch Ratings has upgraded Globaldrive Auto Receivables 2013-A BV class B notes and affirmed the class A notes, as follows:

EUR161.5m class A notes: affirmed at 'AAAsf'; Stable Outlook

EUR16.3m class B notes: upgraded to 'AAAsf' from 'AA+sf'; Stable Outlook

The transaction is a securitisation of German auto loan receivables granted to private and commercial customers and originated by Ford Bank (FCE Germany), a branch of FCE Bank plc (FCE Bank). FCE Bank is a part of the Ford Motor Company holding structure

KEY RATING DRIVERS

Robust Asset Performance

The rating actions reflect the transaction's healthy performance to date with low defaults and increased credit enhancement for both the class A and B notes. Since closing in November 2013, the asset pool's performance has been slightly better than the expectations in Fitch's initial rating analysis. As of 31 July 2016, the observed cumulative default rate was 0.73%, while the reported cumulative loss rate to date was 0.24%. Accounts delinquent for more than 30 days make up 0.46% of the current portfolio balance, down from 0.81% at end-June 2016.

Increased Credit Enhancement

Credit enhancement, which consists of overcollateralisation and a non-amortising reserve fund, has increased since closing to 23.2% from 8.7% for the class A notes and 15.2% from 5.7% for the class B notes.

Stable Economic Outlook

We expect limited increases in defaults due to a strong labour market with unemployment at a historical low and low corporate insolvencies in Germany. Overall, we view the economic conditions in Germany as supportive of borrowers' ability to pay.

Fitch has revised its lifetime default and recovery base cases to 1.5% and 70%, from 1.75% and 60%, respectively.

RATING SENSITIVITIES

Expected impact on the note ratings of increased defaults and decreased recoveries (class A/B):

Current Ratings: 'AAAsf'/'AAAsf'

Increase default base case by 25%; reduce recovery base case by 25%: 'AAAsf'/'AAAsf'

DUE DILIGENCE USAGE

Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch 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 no adverse findings material to the rating analysis.

Prior to the transaction closing, Fitch conducted a review of a small targeted sample of the 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:

-Monthly investor reports provided by FCE Bank plc up to 31 July 2016

-Loan level data from the European Data Warehouse (Edwin) as at 31 July 2016