OREANDA-NEWS. Fitch Ratings has assigned Purple Master Credit Card Note Series 2015-1 final ratings as follows:

EUR550m Class A notes: 'AAAsf'; Outlook Stable
EUR124.9m Class C notes: Not rated
EUR40.5m Class S notes (based on minimum class S issuance): Not rated. At closing, EUR61.4m of class S notes were issued.

The notes are collateralised by a pool of French credit card receivables originated by Natixis Financement (NFI). NFI is a 100% subsidiary of Natixis Consumer Finance, which is itself 100% owned by Natixis (A/Stable/F1).

The receivables portfolio consists of drawings made by individuals under revolving credit agreements originated in France and mainly associated with credit cards using the VISA networks.

KEY RATING DRIVERS

Solid Asset Performance
Fitch has set the base case charge-off expectation at 6%, which is at the higher end of historical levels. The payment rate assumption of 6.5% is characteristic of this product in the French market, but is lower than levels seen in UK credit card trusts.

French Revolving Credit Specifics
Only drawings using the credit line are securitised unlike with UK credit cards (in particular, deferred payments at the end of the month are not securitised). In addition, French consumer law imposes strict amortisation rules on revolving credits (eg minimum scheduled amortisation). The overall lower payment rates of this product will result in a slower amortisation profile compared with trusts in the UK.

Seller Share Subordination
The seller share (class S notes) are fully subordinated to the note series during the amortisation period. Fitch therefore modelled the seller share only at its documented minimum as credit enhancement.

No Credit to Purchase Rates
Fitch gave no credit to potential transfers of additional receivables during the amortisation period. Fitch considered that, in case of NFI's insolvency and in light of insolvency procedures in France, the insolvency administrator could terminate the master receivables sale and purchase agreement as it would be unlikely to provide any more funding to NFI, and that the additional receivables transferred would be financed by the seller through the deferred purchase price.

RATING SENSITIVITIES

Rating sensitivity to increased charge-off rate
Current rating for the class A notes (base case: 6%): 'AAAsf'
Increase base case by 25%: class A: 'AA+sf'
Increase base case by 50%: class A: 'AAsf'

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.

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 asset pool information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable.