OREANDA-NEWS. Fitch Ratings has taken multiple rating actions on FCT Ginkgo Compartment Sales Finance 2013-1 and FCT Ginkgo Compartment Sales Finance 2014-1 as follows:

FCT Ginkgo Compartment Sales Finance 2013-1

Class A notes affirmed at 'AAAsf'; Outlook Stable

Class B notes upgraded to 'AAAsf' from 'AAsf'; Outlook Stable

Class C notes upgraded to 'AA+sf' from 'A+sf'; Outlook Stable

FCT Ginkgo Compartment Sales Finance 2014-1

Class A notes affirmed at 'AAAsf'; Outlook Stable

Class B notes upgraded to 'AA+sf' from 'AAsf'; Outlook Stable

Class C notes affirmed at 'A+sf'; Outlook Stable

FCT Ginkgo Compartment Sales Finance 2013-1 is a 12-month revolving securitisation of French unsecured consumer loans originated in France by Credit Agricole Consumer Finance (CACF, rated A/Positive/F1). The securitised portfolio consists of loans advanced to individuals for home equipment, recreational vehicles, new vehicles and used vehicles. All the loans bear a fixed interest rate and are amortising with constant monthly instalments. The revolving period ended in December 2014 and the transaction has been amortising since the beginning of 2015.

FCT Ginkgo Compartment Sales Finance 2014-1 has the same characteristic as FCT Ginkgo Compartment Sales Finance 2013-1 but had an initial 15-month revolving period that ended in January 2016.

KEY RATING DRIVERS

Increasing Credit Enhancement

Today's rating actions reflect the rapid increase in credit enhancement as a result of the transactions' deleveraging. The credit enhancement for FCT Ginkgo Compartment Sales Finance 2013-1 class A notes, which is provided by the subordination of the class B, C and unrated D notes and the reserve fund, has increased since closing in December 2013 to 56.1% from 25.3%. Credit enhancement for the class B notes has increased to 42.6% from 19.2% and for the class C notes to 32.4% from 14.6%.

Credit enhancement for FCT Ginkgo Compartment Sales Finance 2014-1 class A notes, which is provided by the subordination of the class B, C and unrated D notes and the reserve fund, has increased since closing in October 2014 to 32.4% from 24.8%. Credit enhancement for the class B notes has increased to 24.5% from 18.8% for the class C notes to 16.3% from 12.5%.

Stable Performances

Both transactions have shown stable performances in terms of delinquencies with the one-month plus arrears ratio fluctuating at around 3.5% in line with historical data, as well as in terms of excess spread, which was sufficient to cover all defaulted receivables.

Finally, the transactions' performances in terms of defaults are also in line with previous transactions. Cumulated defaults as of August 2016 were 2.9% for FCT Ginkgo Compartment Sales Finance 2013-1 and 2% for FCT Ginkgo Compartment Sales Finance 2014-1.

RATING SENSITIVITIES

The expected impact of increasing defaults and reducing recoveries by 25% each is as follows:

FCT Ginkgo Compartment Sales Finance 2013-1

Class A current rating: 'AAAsf'; expected impact: 'AAAsf'

Class B current rating: 'AAAsf'; expected impact: 'AA+sf'

Class C current rating: 'AA+sf'; expected impact: 'A+sf'

FCT Ginkgo Compartment Sales Finance 2014-1

Class A current rating: 'AAAsf'; expected impact: 'AA+sf'

Class B current rating: 'AA+sf'; expected impact: 'A+sf'

Class C current rating: 'A+sf'; expected impact: 'BBB+sf'

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO RULE 17G-10

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 affected the rating 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 transactions' 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 transactions' 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 Eurotitrisation as at August 2016 for FCT Ginkgo Compartment Sales Finance 2013-1 and for FCT Ginkgo Compartment Sales Finance 2014-1

REPRESENTATIONS AND WARRANTIES

A description of the transaction's representations, warranties and enforcement mechanisms ("RW&Es") that are disclosed in the offering document and which relate to the underlying asset pool is available by accessing the appendix referenced under "Related Research" below. The appendix also contains a comparison of these RW&Es to those Fitch considers typical for the asset class as detailed in the Special Report titled "Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions," dated 31 May 2016.