New Issue: FCT Orange Bank Personal Loans 2020

S&P Global Ratings has assigned its credit ratings to FCT Orange Bank Personal Loans 2020's class A and B asset-backed fixed-rate notes. At closing, the issuer also issued unrated class C notes. The issuer is a bankruptcy remote French securitization fund (a "Fonds Commun de Titrisation"; FCT). This will be Orange Bank S.A.'s (Orange Bank's) first publicly rated ABS transaction and the first that we rate. Orange Bank, formerly Groupama Banque S.A., an established mutualist French banking group, is the originator and servicer in this transaction and is majority owned by Orange S.A., France's leading telecommunications company since 2016. It is a credit institution, which has a full banking license and is authorized to take deposit from the general public,

...Class Rating* Amount (mil. ) Available credit enhancement (%)º Interest (%) Legal final maturity A ### (sf) 456.70 24.0 0.30 September 2039 B ## (sf) 32.70 18.5 0.50 September 2039 C ## 105.20 N/A 1.00 September 2039 *Our ratings in this transaction address payment of timely interest and ultimate principal. ºAvailable credit support for the notes consists of subordination and cash reserve expressed as a percentage of the closing pool balance. In addition, the notes will benefit from excess spread, if available. ##--Not rated. N/A--Not applicable....

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