OREANDA-NEWS. Fitch Ratings has affirmed Noria 2009 Compartment Noria 2009-A class A notes at 'AAAsf' with a Stable Outlook.

The transaction is a revolving securitisation of consumer loans originated by BNP Personal Finance, which is owned by BNP Paribas (A+/Stable/F1). As of end-April 2015, the portfolio comprised 236,869 loans with an average current balance of EUR6,702. The portfolio consists of personal loans (84%) and equipment sale loans (16%).

KEY RATING DRIVERS
The affirmation reflects the transaction's adequate performance over the past 12 months. The transaction benefits from a healthy level of gross excess spread, representing approximately 5.4% for the class A notes over the past few periods. Cumulative gross defaults since closing stand at 1.7% of the initial portfolio balance plus additional receivables purchased during the revolving period, in line with Fitch's base case default assumption.

The transaction's revolving period ended in May 2015. Since the transaction closed in October 2013, credit enhancement for the class A notes, mainly provided by the subordination of the class B notes, has been stable at 21.6%. The transaction also benefits from a general reserve aimed at covering senior fees and interest payments on the class A notes. The non-liquidity portion of the reserve fund may provide credit enhancement to the extent that while amortising along with the notes, the excess of the reserve fund will flow through the relevant priority of payments and provide additional excess spread, available to cure any amount registered on the principal deficiency ledger.

RATING SENSITIVITIES
Fitch is maintaining its original base case default and recovery expectations. Therefore, the rating sensitivities are still in line with the original ones, which can be found in the rating action commentary dated 25 July 2013 at fitchratings.com.

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.

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 originator'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 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.
- Transaction reporting provided by France Titrisation as at 30 April 2015