OREANDA-NEWS.  Fitch Ratings says that remedial action relating to eight Japanese structured finance (SF) transactions is progressing and that no immediate rating action is warranted. The transactions were at risk of downgrade due to the agency's downgrade of a major foreign bank that acts as an account bank for the transactions.

As stated in the Fitch's commentary titled 'Fitch Monitoring Impact on Japanese SF of Major Bank Downgrade' dated 20 December 2015, 'AAAsf' notes from these eight transactions were at risk of downgrade. The expected time frame for the remedial action stipulated in Fitch's criteria - 30 calendar days following the bank's downgrade - has already passed. According to the relevant transaction parties, replacement of the downgraded account bank is in progress and Fitch understands that the remedial action will be completed once the administrative procedures are finalised.

Fitch will continue to closely review the progress of the remedial action.

The transactions that are affected are:
DTC Four Funding Limited
DTC Five Funding Limited
DTC Six Funding Limited
DTC Seven Funding Limited
DTC Eight Funding Limited
Leopard Two Funding Limited
L-MAP One Funding Limited
L-STaRS One Funding Limited