OREANDA-NEWS. Fitch Ratings has confirmed House of Europe Funding I, Ltd.'s (HoE1) class A notes (XS0202218284)at 'Csf'.

KEY RATING DRIVERS
The rating action reflects the extension of the legal final maturity of the class A notes. The class A notes' margin has also been increased to Euribor plus 0.255%.

The class A notes' principal was not retired on 28 September 2015. Pursuant to the indenture, the maturity date of the class A notes has now been extended to 2047 in line with the junior notes. However, due to the significant under-collateralisation of the performing assets, default is still expected and therefore the rating remains 'Csf'.

RATING SENSITIVITIES
The notes are already at distressed rating levels and as such are unlikely to be affected by any further deterioration in the respective underlying asset portfolios.

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 pools and the transactions. 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.

The majority of the underlying assets have ratings or credit opinions from Fitch and/or other Nationally Recognized Statistical Rating Organizations and/or European Securities and Markets Authority registered rating agencies. Fitch has relied on the practices of the relevant Fitch groups and/or other rating agencies to assess the asset portfolio information.

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 Wells Fargo as at 21 August 2015