...Delinquencies Falling: 90 - 360 days past due (dpd) delinquencies have fallen across all jurisdictions covered in Fitch Ratings' Edwin index. This largely reflects the more stable performances of the underlying economies. It should be noted that Fitch's 90 - 360 dpd Edwin index includes all loans that are delinquent within this period, irrespective of whether the originating bank has declared them as defaulted or not. Delinquencies Roll Into Defaults: The fall in the 361 +dpd Spanish index is attributable to the inclusion in the index of the Foncaixa PYMES 5, FTA transaction, combined with the repayment of poorer than average performing deals. Otherwise, the index would have risen to 6.4% as delinquencies rolled into default. Performance Reflects Stability: Improving delinquency performance is a trend across Fitch- rated transactions. The vast majority of our Outlooks reflect the anticipated steady performance of underlying borrowers over the short to medium term....
