(The following statement was released by the rating agency)

Dec 5 - Fitch Ratings has affirmed Scandinavian Consumer Loans III's (SCL

III) notes backed by Swedish unsecured consumer loan receivables ratings as

follows:

SEK1,082m class A notes: 'AAAsf'; Outlook Stable

SEK96.0m class B notes: 'AAsf'; Outlook Stable

SEK193.0m class C notes: 'Asf'; Outlook Stable

SEK560.0m class D notes: Not rated

The rating action reflects the transaction's robust performance as supported by

low pool delinquencies and defaults.

SCL III is incorporated in Sweden as a special purpose vehicle with limited

liability and is wholly owned by Nordax Finans AB Publ (Nordax, the originator,

seller, servicer, and cash manager). The securities are backed by a revolving

pool of unsecured consumer loans originated in Sweden.

Some discrepancies in reported performance data, in particular performance

linked to the asset balance, came to light during the review. Nordax

investigated the issue and detected two errors in their reporting system which

had led to an incorrect allocation of funds and a declining collateral balance

in previous periods, leaving the transaction under-collateralised. Nordax

meanwhile confirmed in a public announcement that it has rectified the technical

errors and has, as per 3 December 2012, posted an amount of approximately SEK64m

in cash into the issuer's account to close the under-collateralisation. This

amount will be used to purchase receivables in the coming periods. Due to the

reporting corrections underway, Fitch will have a focus on the upcoming monthly

reports and will review the transaction again in the next four months.

Aside from the above mentioned discrepancies, and after investigating the

reporting errors, Nordax confirmed that all other performance data provided so

far are accurate. The delinquency rate has been quite stable over time and as

per the latest reporting date (November 2012) equalled 1.43% of the outstanding

portfolio. The cumulative default rate has been 1.46% which is below the

agency's initial base case assumption at the same point in seasoning (4.0%).

Overall, asset performance is in line or even better than initially anticipated

by Fitch.

The deal closed on the 8 December 2011 and has a 36 month revolving period that

will end in December 2014, unless terminated earlier following an early

amortisation event. After the revolving period has ended, the notes will start

amortising in sequential order. A step-up date will occur 12 months after the

notes have started amortising whereby the note margins will double.

Additional information is available at www.fitchratings.com.

The ratings above were solicited by, or on behalf of, the issuer, and therefore,

Fitch has been compensated for the provision of the ratings.

The source of information used to analyse this transaction was Nordax Finanz AB

in its capacity as servicer for the transaction.

Applicable criteria, 'Global Structured Finance Rating Criteria', dated 02

August 2012, 'Counterparty criteria for Structured Finance Transactions', dated

30 May 2012 and 'EMEA Consumer ABS Rating Criteria', dated 12 June 2012, are

available at www.fitchratings.com.

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

Counterparty Criteria for Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=678938

EMEA Consumer ABS Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=683560

(New York Ratings Team)

(e-mail: pam.niimi@thomsonreuters.com; Reuters Messaging: pam.niimi.reuters.com@reuters.net; Tel:1-646-223-6330;)

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