Fitch Downgrades S-Core 2007-1 to 'Dsf'; Withdraws Ratings
OREANDA-NEWS. Fitch Ratings has downgraded S-Core 2007-1 GmbH's class C, D and E notes and subsequently withdrawn the ratings, as follows:
EUR5.3m class C secured notes (ISIN: XS0312779068): downgraded to 'Dsf' from 'Csf'; withdrawn
EUR12.4m class D secured notes (ISIN: XS0312779142): downgraded to 'Dsf' from 'Csf'; withdrawn
EUR19.7m class E secured notes (ISIN: XS0312779225): downgraded to 'Dsf' from 'Csf'; withdrawn
The transaction is a cash securitisation of certificates of indebtedness (Schuldscheindarlehen) to German SMEs originated and serviced by Deutsche Bank AG (A-/Stable/F1).
KEY RATING DRIVERS
The transaction reached final maturity on 25 April 2016. The outstanding principal amounts and unpaid interest on the class C, D and E notes were not paid in full due to the number of defaults that occurred in the portfolio since closing in August 2007. The agency has downgraded the notes to 'Dsf' and withdrawn the ratings. Fitch will no longer provide ratings or analytical coverage of the issuer.
DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation to this rating action.
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.
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.
-Final Information Report dated 25 April 2016 and provided by Deutsche Bank