OREANDA-NEWS. Fitch Ratings has downgraded Prime 2006-1's class E notes and subsequently withdrawn the rating, as follows:

EUR5.7m class E notes (ISIN: XS0278572135): downgraded to 'Dsf' from 'Csf'; withdrawn

KEY RATING DRIVERS
The transaction reached final maturity in August 2015. The outstanding principal amount on the class E notes was not repaid in full due to the number of defaults that occurred in the portfolio since closing. As Fitch's rating on the notes addresses ultimate payment of interest and ultimate repayment of principal according to the terms of the notes, the agency has downgraded the notes to 'Dsf' and withdrawn the rating.

RATING SENSITIVITIES
Rating sensitivities are not applicable as the transaction has reached final maturity.

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.

SOURCES OF INFORMATION
Investor Reports