OREANDA-NEWS. Fitch Ratings has placed Exfin Capital BV Series 2009-1 USD351.3m 'AA' class A notes on Rating Watch Negative (RWN).

ExFin Capital B.V. is a securitisation vehicle set up to fund export finance structures, which claims were originated by ABN AMRO Bank N.V. (now RBS N.V.) in 2009. The loans are guaranteed by export credit agencies (ECA) from France, Germany and the UK.

KEY RATING DRIVERS
The RWN reflects counterparty risk. The Royal Bank of Scotland Plc (RBS) is the account bank provider. Following its downgrade to 'BBB+'/'F2' in May 2015, it is no longer an eligible counterparty. According to Fitch's counterparty criteria, a replacement provider had to be appointed within 30 calendar days. Fitch understands the replacing entity has been selected and the transfer process is under way, but some operational delays are preventing finalisation of the arrangements. The six months since downgrade and some uncertainty over the transfer process warrant the RWN.

Fitch expects to resolve the RWN within the next three months.

RATING SENSITIVITIES
Resolution of the RWN will depend on the account bank being transferred. Without a replacement, RBS's ratings are only commensurate with a 'Asf' category for the notes.

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 sough to receive a third party assessment conducted on the asset portfolio information, but none was available for this transaction.

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.
- Issuer and servicer reports dated 7 September 2015 and 8 September 2015, respectively

REPRESENTATIONS AND WARRANTIES
At the time of closing, the seller gave certain representations and warranties, including that the loan claims fulfil a set of eligibility criteria. Amongst standard criteria, an important aspect for Fitch is the requirement that the loan claims are irrevocably, unconditionally and validly guaranteed by one or more of the three ECAs. The guarantees have to cover 100% of all interest and principal payments due from the obligor until maturity of the loan. The seller warrants that the loan was not amended or accelerated so that the guarantee would become invalid. Further, the premium for the guarantee had to be paid in full prior to closing, effectively enabling the guarantee.