OREANDA-NEWS. Fitch Ratings rates the \$175 million proposed issuance by Salvadoreno DPR Funding, Ltd. 'BBB-(EXP)'. The Rating Outlook is Stable. A full list of ratings follows at the end of this press release.

The reactivated securitization program is backed by existing and future U.S. dollar-denominated diversified payment rights (DPRs) originated by Banco Davivienda Salvadoreno, S.A. (Davivienda Sal). DPRs include all electronic remittances to third party beneficiaries and mostly relate to export payments and family remittances. The majority of DPRs are processed by designated depositary banks (DDBs) that have signed acknowledgment agreements (AAs), irrevocably obligating the DDBs to send DPRs to an offshore account controlled by the trustee.

Fitch's ratings address timely payment of interest and principal on a quarterly basis.

KEY RATING DRIVERS

Originator Credit Quality: Fitch rates Davivienda Sal's Issuer Default Rating (IDR) 'BB+'/Negative Outlook, which reflects the likelihood of support from its parent, Colombian bank Banco Davivienda S.A. ('BBB-'/Positive Outlook by Fitch). Davivienda Sal's 'bb-' viability rating (VR) is supported by the bank's domestic franchise and market share, and is limited by El Salvador's sovereign rating ('BB-'/Negative Outlook).

Going Concern Assessment Score: Fitch assigns a going concern assessment (GCA) score of 'GC2' to Davivienda Sal, reflecting the bank's moderate systemic importance and the strong likelihood of parent support.

Parental Support Limits Uplift: Fitch tempers notching differential between the originator's IDR and the transaction rating when the sponsor bank's IDR benefits from parent support. The expected ratings are three notches above Davivienda Sal's VR.

Moderate Debt Service Coverage: Fitch's expected quarterly debt service coverage ratios (DSCRs), which consider average quarterly rolling DDB collections for 2014 and the maximum quarterly debt service for the life of the transaction, are approximately 38x the maximum quarterly debt service payment.

High Beneficiary Concentrations: The program is exposed to large beneficiary concentrations. Fitch tested the sustainability of debt service coverage and believes the transaction can withstand stress related to the potential loss of key beneficiaries.

HSBC as Former DDB: HSBC has received irrevocable instruction to continue sending DPRs to the collateral account upon termination of its AA in July 2015. Fitch applied stresses in its cash flow model to account for HSBC as a former DDB.

Moderate Program Size: The proposed future flow issuances would represent approximately 8.8% of Davivienda Sal's total liabilities and 35.3% of long-term debt. While Fitch is comfortable with the future flow debt level at the current program rating, an increase in program size as a percentage of bank liabilities could impact the ratings.

RATING SENSITIVITIES

The credit strength of the transaction is linked to the performance of Davivienda Sal. The ratings are sensitive to downgrades of the bank's IDR and the ability of the DPR business line to continue operating, as reflected by the GCA score. While a downgrade of the sovereign or the bank may lead to a downgrade of the transaction, any change in these variables will be analyzed in a rating committee to assess the possible impact on the transaction ratings. A one-notch downgrade of the bank's IDRs and/or the sovereign's IDRs might not automatically trigger a downgrade to the transaction ratings.

DUE DILIGENCE USAGE
No third party due diligence was provided in relation to this rating action.

Fitch has assigned the following ratings:

--Series 2015-1 loan 'BBB-(EXP)'; Outlook Stable;
--Series 2015-2 loan 'BBB-(EXP)'; Outlook Stable;
--Series 2015-3 loan 'BBB-(EXP)'; Outlook Stable.