Fitch: Stable Ratings Performance in 3Q15 for Non-Japan Asia SF

Fitch Ratings said that a total of 14 publicly rated tranches from Indian, South Korean and Singaporean structured finance (SF) transactions were affirmed in 3Q15 as underlying assets continued to perform within the agency's expectations against stable economic environments.

Three Indian auto-loan ABS transactions, STFCL CV Trust Feb 2013, STFCL CV Trust JAN 2014 and STFCL CV Trust Sep 2013, were affirmed, reflecting stable asset performance and sufficient credit enhancement (CE), amid an improving economy.

Four South Korean credit-card ABS tranches from Shinhan Card 2011-3 International Ltd, Shinhan Card 2012-1 International Ltd, Shinhan Card 2014-1 International Ltd and Shinhan Card 2014-2 International Ltd were affirmed in 3Q15. The affirmations reflected low delinquency rates, stable yields and payment rates.

Fitch affirmed Bavarian Sky Korean Auto Receivables 1 Pte. Ltd., reflecting stable asset performance, sufficient CE and the agency's macroeconomic view on South Korea (AA-/Stable/F1+).

The class A notes from Silver Oak Ltd., a Singapore CMBS transaction, were affirmed during 3Q15, reflecting strong cash flows, stable occupancy levels, and adequate debt service coverage ratios. Robust tourism and domestic consumption in Singapore continue to support the transaction's performance.

Fitch also affirmed five Singaporean credit-card ABS tranches from DCS Asset Funding Pte. Ltd., reflecting delinquencies, defaults, payment rates, and excess spread within the agency's expectations. The transaction continues to be supported by strong macroeconomic fundamentals.