Fitch Ratings said in a teleconference last week that Pan-European consumer ABS issuance has risen and the economic factors behind the market are looking strong enough to support the rise in delinquencies charted by the agency's consumer ABS consumer indexes.

Rui Barros, an analyst who spoke at last week's conference, said that the rise in delinquencies has met with a simultaneous rise in excess spreads, easing any immediate cause for concern in the performance of Pan European consumer ABS deals. "One of the important features of the pan European index is that it's rated in terms of collateral," said Barros. "Credit cards represent 47% of the rating indexes so the performance of this collateral determines the overall performance of the European indexes."

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