...Strong Rating Performance: Fitch Ratings in 2015 affirmed eight tranches from outstanding Fitch-rated South Korean structured finance (SF) transactions at `AAAsf'. The affirmations were based on adequate credit enhancement (CE) levels and sound asset performance. The transactions are all supported by subordination, which is in line with our credit loss analysis and which we consider sufficient to withstand `AAAsf' rating stress. Privately Placed Transactions Dominant: A big change in recent Korean securitisations has been in the increased use of private-placement platforms in 2014 and 2015. This is because transaction pricing tends to be more favourable for issuers when they place transactions with selected investors. The performance data presented in this report are aggregated because the outstanding SF deals are private placements. Sound Asset Performance: Default rates of the underlying assets in the eight transactions remained low in 2015 due to a benign interest rate environment, which...
