OREANDA-NEWS. Fitch Ratings has affirmed Svensk Autofinans 1's SEK110.4m class A notes at 'AAAsf' with a Stable Outlook.

The static transaction is a securitisation of Swedish auto loan receivables originated by the Swedish branch of Norwegian Santander Consumer Bank AS (SCB). SCB is a 100% subsidiary of the Spanish-based Santander Consumer Finance, S.A. (A-/Stable/F2).

KEY RATING DRIVERS
The affirmation reflects the transaction's robust performance to date. As of end-July 2015, the outstanding class A notes accounted for 2.8% of their initial balance and credit enhancement has increased to 90.3% from 16% at closing in October 2012.

Cumulative defaults and 30-days plus delinquency ratios have been low since inception. The reserve fund is fully funded at the required amount and prepayments have been in line with Fitch's expectations.

As at end-July 2015, the collateral pool consisted of 13,425 auto loan receivables. Fully amortising contracts and balloon loans represented 75% and 25% of the portfolio balance, respectively.

Based on actual defaults and collateral amortisation to date, Fitch has revised the transaction lifetime default base case to 1% from 3.5% at closing.

RATING SENSITIVITIES
Expected impact upon the note rating of increased defaults and reduced recoveries:
Current rating: 'AAAsf'
Increase default base case by 25%; reduce recovery base case by 25%: 'AAAsf'

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 the 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.
- Monthly investor reports provided by Santander Consumer Bank AS, up to 30 June 2015 (July reporting date).