Fitch: Japanese SF Ratings Stable in 3Q15

Fitch Ratings says publicly rated Japanese structured finance (SF) and structured credit (SC) transactions remained stable, with 52 rating affirmations in 3Q15. No downgrades or upgrades were recorded in the quarter.

Of the 52 affirmations, 40 were from eight DTC CMBS transactions backed by fully amortising loans. These rating actions reflected available CE levels that Fitch considers to be sufficient to support the current ratings. The other 12 affirmations were from four SC transactions, one prime RMBS and one single-borrower CMBS.

The Outlook of MARC Finance Ltd Series M584 was revised to Positive from Stable on 29 July 2015 to reflect Fitch's view that the creditworthiness of the collateral securities was likely to be upgraded over the medium term. All other Japanese SC Outlooks are Stable.

All Japanese SF transactions have Stable Outlooks, based on the performance of the underlying assets and current macroeconomic conditions.