TEXT-Fitch affirms all tranches of Smile 2007 BV
Posted on June 25, 2012 at 12:18 PM EDT
June 25 - Fitch Ratings has affirmed all tranches of Smile Securitisation Company 2007 B.V. as follows. EUR1,424m Class A (NL0000169142): 'BBBsf'; Outlook Stable EUR55.0m Class B (XS0288450736): 'BBsf'; Outlook Stable EUR41.2m Class C (XS0288453599): 'Bsf'; Outlook Negative EUR41.2m Class D (XS0288455370): 'CCCsf'; RE0% EUR8.2m Class E (XS0288455883): 'CCsf'; RE0% The affirmation reflects the low defaults and losses, high historical recoveries achieved and slight increase in credit enhancement