OREANDA-NEWS. Fitch Ratings has affirmed Fox Street 1 to 4's National Long-term ratings and simultaneously withdrawn the ratings.

The four transactions are securitisations of mortgage loans granted by Investec Bank Limited (Investec) to its private banking clients in South Africa.

KEY RATING DRIVERS
The affirmation reflects the strong performance of the assets and robust credit enhancement provided by overcollateralisation and the various reserves.

Fitch has withdrawn the ratings as the issuers have chosen to stop participating in the rating process due to the change in Fitch's regulatory status in South Africa. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings or analytical coverage for Fox Street 1-4.

RATING SENSITIVITIES
Not applicable.

DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation to this rating action.

DATA ADEQUACY
No third party due diligence was provided or reviewed in relation to this rating action.

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 of Fox Street 1,3 and 4, 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 of Fox Street 2, Fitch sought to receive a third party assessment conducted on the asset portfolio information, but none was available for this transaction.

Prior to the transactions closing, Fitch conducted a review of a small targeted sample of the originator's 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.
--Transaction reporting provided by Investec as of the following payment dates:

Fox Street 1 - 21 December 2015
Fox Street 2 - 20 November 2015
Fox Street 3 - 20 November 2015
Fox Street 4 - 21 December 2015

MODELS
Not applicable.

Fitch has withdrawn the following ratings:

Fox Street 1
ZAR87.7m class A4 notes: affirmed at 'AAA(zaf)'; Outlook Stable; withdrawn
ZAR690m class A5 notes: affirmed at 'AAA(zaf)'; Outlook Stable; withdrawn
ZAR130m class B notes: affirmed at 'A(zaf)'; Outlook Stable; withdrawn
ZAR65m class C notes: affirmed at 'BBB(zaf)'; Outlook Stable; withdrawn
ZAR35m class D notes: affirmed at 'BB(zaf)'; Outlook Stable; withdrawn

Fox Street 2
ZAR72.2m class A3 notes: affirmed at 'AAA(zaf)'; Outlook Stable; withdrawn
ZAR220m class A4 notes: affirmed at 'AAA(zaf)'; Outlook Stable; withdrawn
ZAR586m class A5 notes: affirmed at 'AAA(zaf)'; Outlook Stable; withdrawn
ZAR126m class B notes: affirmed at 'A-(zaf)'; Outlook Stable; withdrawn
ZAR50m class C notes: affirmed at 'BBB-(zaf)'; Outlook Positive; withdrawn
ZAR35m class D notes: affirmed at 'BB(zaf)'; Outlook Positive; withdrawn

Fox Street 3
ZAR93.7m class A2 notes: affirmed at 'AAA(zaf)'; Outlook Stable; withdrawn
ZAR200m class A3 notes: affirmed at 'AAA(zaf)'; Outlook Stable; withdrawn
ZAR200m class A4 notes: affirmed at 'AAA(zaf)'; Outlook Stable; withdrawn
ZAR965m class A5 notes: affirmed at 'AAA(zaf)'; Outlook Stable; withdrawn
ZAR155m class B notes: affirmed at 'A-(zaf)'; Outlook Stable; withdrawn
ZAR40m class C notes: affirmed at 'BBB(zaf)'; Outlook Stable; withdrawn
ZAR90m class D notes: affirmed at 'BB-(zaf)'; Outlook Stable; withdrawn

Fox Street 4
ZAR318.3m class A2 notes: affirmed at 'AAA(zaf)'; Outlook Stable; withdrawn
ZAR700m class A3 notes: affirmed at 'AAA(zaf)'; Outlook Stable; withdrawn
ZAR1,715m class A4 notes: affirmed at 'AAA(zaf)'; Outlook Stable; withdrawn
ZAR135m class A5 notes: affirmed at 'AA(zaf)'; Outlook Stable; withdrawn
ZAR200m class B notes: affirmed at 'A(zaf)'; Outlook Stable; withdrawn
ZAR120m class C notes: affirmed at 'BBB(zaf)'; Outlook Stable; withdrawn
ZAR60m class D notes: affirmed at 'BBB-(zaf)'; Outlook Stable; withdrawn