OREANDA-NEWS. Fitch Ratings has affirmed FCT Ginkgo Consumer Loans 2013-1's notes as follows:

Class A notes affirmed at 'AAAsf'; Outlook Stable
Class B notes affirmed at 'AAsf'; Outlook Stable
Class C notes affirmed at 'Asf'; Outlook Stable

The transaction is a 36-month revolving securitisation originated by Credit Agricole Consumer Finance (CACF, A/Stable/F1). The securitised portfolio consists of general-purpose personal loans, debt consolidation loans, home equipment loans, recreational vehicle loans and new and used vehicle loans advanced to individuals. All the loans bear a fixed interest rate and are amortising with constant monthly instalments.

KEY RATING DRIVERS
The affirmation reflects the adequate performance of the underlying receivables over the past 12 months. The transaction's performance in terms of defaults is in line with Fitch's expectations with cumulative defaults reaching 1.7% as of end-June 2015. The transaction benefits from significant gross excess spread, representing 4.9% on average over the past six months.

The transaction is revolving until September 2016. Since closing in September 2013, credit enhancement for the class A notes, provided by the subordination of the class B, C and D notes and the general reserve, has been maintained at 37.3%. The class B notes benefit from the subordination of the class C notes and D notes and the general reserve. Credit enhancement for the class B notes remained at 29.8% as of end-June 2015. Credit enhancement for the class C notes remained at 21.9%. Credit enhancement is provided by the subordination of the class D notes and the general reserve.

RATING SENSITIVITIES
Fitch is maintaining its original base case default and recovery expectations. Therefore, the rating sensitivities are still in line with the original ones, which can be found in the rating action commentary dated 17 September 2013 at fitchratings.com.

DUE DILIGENCE USAGE
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 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.

Prior to the transaction 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 transaction closing, Fitch conducted a review of a small targeted sample of CACF'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 Euro Titrisation as at 30 June 2015.