OREANDA-NEWS. Fitch Ratings affirms the rating on Oncor Electric Delivery Transition Bond Company LLC Series 2004-1 as follows:

--Class A-3 at 'AAAsf'; Outlook Stable.

KEY RATING DRIVERS
The transaction is performing within expectations, with outstanding principal paying down in-accordance with their targeted amortization schedule. The true-up mechanism is performing as expected, providing adequate credit support for the outstanding notes.

RATING SENSITIVITIES
As part of Fitch's initial rating sensitivity, Fitch conducted a break the bond case which provides an alternative means by which to measure the potential effects of rapid, significant declines in power consumption while capping the residential securitization charges at 20% of the total customer bill. This analysis determines the maximum level of forecasted energy decline that would cause a default in required payments on the securitization or cause the tariff charges to exceed 20% of the total residual customer bill. Despite this severe decline in consumption, due to the true-up mechanism, the tariff charges are able to pay all debt service by the legal final maturity date.