Fitch Affirms BMW Finance Trust 2012-1 at 'AAAsf'

(The following statement was released by the rating agency)SYDNEY, April 06 (Fitch) Fitch Ratings has affirmed the Class A notes issued by BMW Finance Trust 2012-1 as follows:- AUD600m Class A 'AAAsf'; Outlook Stable.The transaction is backed by a pool of Australian auto receivables originated by BMW Australia Finance Ltd or Alphera Financial Services. The notes are issued by Perpetual Corporate Trust Limited in its capacity as trustee of BMW Finance Trust 2012-1.KEY RATING DRIVERS The affirmation reflects Fitch's view that available credit enhancement supports the notes at their current rating and the agency's expectations of Australia's economic conditions. The credit quality and performance of the underlying loans remain within the agency's expectations.At 29 February 2016, 30+ day delinquencies were 1.27%, above the 4Q15 Dinkum ABS Index of 1.10%. To date, total net losses have tracked below Fitch's base case and excess spread has been more than sufficient to cover all losses experienced.The transaction remains within its second two-year substitution period, ending in July 2016. To date, all principal proceeds have been allocated to purchasing additional receivables. Fitch is comfortable with the revolving period, as the collateral pool is subject to excess concentration parameters and eligibility criteria limit pool concentration of loan product and asset types, obligor and geographic exposure and other asset characteristics.RATING SENSITIVITIESThe prospect of a downgrade is considered remote at present, given the pool's expected performance and adequate excess spread and subordination.DUE DILIGENCE USAGENo third party due diligence was provided or reviewed in relation to this rating action.DATA ADEQUACY Fitch conducted a file review of 10 sample loan files focusing on the underwriting procedures conducted by BMW Australia Finance Ltd compared to its credit policy at the time of underwriting. Fitch has checked the consistency and plausibility of the information and no material discrepancies were noted that would impact Fitch's rating analysis.A comparison of the transaction's representations, warranties and enforcement mechanisms (RW&Es) to those of typical RW&Es for this asset class is available by accessing the reports under Related Research below.Contacts: Lead Surveillance AnalystKatie BrookesAnalyst+612 82560 364Fitch Australia Pty Ltd. Level 15, 77 King St, Sydney, NSW 2000, AustraliaCommittee ChairpersonNatasha VojvodicSenior Director+612 8256 0350Media Relations: Leni Vu, Sydney, Tel: +61 2 8256 0304, Email: leni.vu@fitchratings.com.Additional information is available at www.fitchratings.comSources of Information:The source of information used to assess these ratings was BMW Australia Finance Ltd. The issuer has informed Fitch that not all relevant underlying information used in the analysis of the rated notes is public.Applicable Criteria Counterparty Criteria for Structured Finance and Covered Bonds (pub. 14 May 2014)https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=744158Counterparty Criteria for Structured Finance and Covered Bonds: Derivative Addendum (pub. 14 May 2014)https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=744175Global Consumer ABS Rating Criteria (pub. 03 Dec 2015)https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=874105Global Structured Finance Rating Criteria (pub. 06 Jul 2015)https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952Related Research Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=878450Additional Disclosures Dodd-Frank Rating Information Disclosure Form https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr _id=1002056Solicitation Status https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=1002056Endorsement Policy https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&det ail=31ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S FREE WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Fitch Australia Pty Ltd holds an Australian financial services licence (AFS licence no. 337123) which authorises it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001.