Fitch Ratings revised its outlook for a number of European structured finance sectors as the global economic downturn continues to weigh on the performance of securitization transactions in the region.

Lower interest rates have positively impacted RMBS mortgage arrear but the rates have done little to help consumer and auto loan securitization, which are primarily fixed-rate structures. Fitch believes the trend of performance in most consumer related asset classes will therefore remain closely linked to unemployment trends.

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