OREANDA-NEWS. Fitch Ratings has affirmed Purple Master Credit Cards (PuMaCC) Note Series 2015-1 originated by Natixis Fianncement (NFI), a subsidiary of Natixis (A/Stable/F1), as follows:

Class A notes affirmed at 'AAAsf'; Outlook Stable

PuMaCC's portfolio consists of drawings made by individuals under revolving credit agreements originated in France by NFI and mainly associated with credit cards using the VISA networks. Only drawings using the credit line are securitised.

All the loans bear a fixed interest rate and are amortising with monthly instalments. The Series 2015-1 is the first series issued under (PuMaCC). PuMaCC Series 2015-1 is still revolving and the amount of new purchased receivables was EUR406.1m as of end-February 2016.

KEY RATING DRIVERS

Robust Performance
The affirmation reflects the robust performance of the underlying assets over the last 12 months. As of the last reporting date (February 2016), one-month plus arrears (excluding defaults) were 2.8%. This level is in line with the performance of other French credit card transactions.

Monthly payment rate, charge-off rate and yield rate have remained stable and in line with the historical data of the originator's credit card loans book. These levels are in line with Fitch's expectations.

The transaction benefits from a fully funded reserve fund, which represents 1.2% of the class A notes outstanding balance (floored at 0.5% of the class A notes' initial balance). This reserve fund is aimed at providing liquidity and is available to cover senior fees, swap payments and interest payments on the class A notes.

As PuMaCC is still revolving, the transaction still benefits from the adequate credit enhancement set at closing in April 2015.

The transactions has benefited since closing from significant gross excess spread.

RATING SENSITIVITIES
Fitch's base case monthly payment rate, charge-off rate and yield rate expectations are unchanged from closing at 6.5%, 6% and 14% respectively.

The expected impact upon the notes' rating of increased charge-off is as follows:

Class A current rating: 'AAAsf'; Expected Impact: 'AA+sf'

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 pools and the transactions. 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 few errors or missing data related to missing contract files. These findings were not considered in this analysis as they are immaterial.

Prior to the transaction's closing, Fitch conducted a review of a small targeted sample of NFI'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 Eurotitrisation as at end-February 2016

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 initial new issue report (see Purple Master Credit Cars Note Series 2015-1- Appendix dated 22 April 2015 at www.fitchratings.com). In addition refer to the special report "Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions" dated 12 June 2015 available on the Fitch website.