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(The following statement was released by the rating agency) Link to Fitch Ratings' Report: RESIMAC Triomphe Trust – RESIMAC Premier Series 2013-1
here SYDNEY, March 05 (Fitch) Fitch Ratings has assigned expected ratings and outlooks to RESIMAC Premier Series 2013-1's mortgage-backed floating-rate notes as follows: AUD50.0m Class A1 notes: 'AAA(EXP)sf'; Outlook Stable USD200.0m Class A2-A notes: 'F1+(EXP)sf' AUD0.0m Class A2-R notes: 'AAA(EXP)sf'; Outlook Stable AUD200.0m Class A3 notes: 'AAA(EXP)sf'; Outlook Stable AUD29.8m Class AB notes: 'AAA(EXP)sf'; Outlook Stable AUD17.5m Class B-1 notes: Not Rated AUD2.8 m Class B-2 notes: Not Rated The notes will be issued by Perpetual Trustee Company Limited in its capacity as trustee for RESIMAC Triomphe Trust in respect of Premier Series 2013-1. Key Rating Drivers The 'F1+(EXP)sf' Short-Term Rating assigned to the class A2-A note is supported by the rating of the redemption facility provider, National Australia Bank Limited ('AA-'/Stable/'F1+'). The 'AAA(EXP)sf' Long-Term Rating assigned to the class A1, A-2R, A-3 and AB notes is based on: the quality of the collateral; the 10.0% credit enhancement (CE) provided to the class A1, A2-R, and A-3 notes by the subordinate AB, B-1 and B-2 notes; the 4.1% CE provided to the class AB notes by the subordinate B-1 and B-2 notes and the liquidity facility of 1.05%. The rating also reflects RESIMAC's underwriting standards and servicing capabilities. At the cut-off date, the collateral pool consisted of 1,777 loans totalling approximately AUD501.5m. Loans included in the pool have been originated by RESIMAC Limited. The weighted average current loan-to-value ratio was 70.9%, and the weighted average seasoning was 37 months. The pool is composed of 100% fully verified documentation loans, while investment loans account for 33.1% and fixed rate mortgages 3% of the pool. Rating Sensitivities Fitch's stress and rating sensitivity analysis is discussed in the presale report entitled "RESIMAC Triomphe Trust - RESIMAC Premier Series 2013-1", available at www.fitchratings.com or by clicking on the above link. Included as an appendix to the report are a description of the representations, warranties, and enforcement mechanisms. Contacts: Primary Analyst Courtney Miller Analyst +612 8256 0347 Fitch Australia Pty Ltd. Level 15, 77 King St, Sydney, NSW 2000 Secondary Analyst Ben Newey Director +612 8256 0341 Committee Chairperson Stan Ho Senior Director +852 2263 9668 Media Relations: Iselle Gonzalez, Sydney, Tel: +61 2 8256 0326, Email: iselle.gonzalez@fitchratings.com. The source of information identified for this rating action was informed by information from RESIMAC, NAB, as arranger and their counsel King & Wood Mallesons. The issuer has informed Fitch that not all relevant underlying information used in the analysis of the rated notes is public. 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. Applicable criteria, "Global Structured Finance Rating Criteria" dated 6 June 2012, "Global Criteria for Lenders' Mortgage Insurance in RMBS" dated 7 September 2012, "APAC Residential Mortgage Criteria" dated 3 August 2012, "APAC Residential Mortgage Criteria Addendum - Australia" dated 3 August 2012, "Counterparty Criteria for Structured Finance Transactions" dated 30 May 2012, and "Counterparty Criteria for Structured Finance Transactions: Derivative Addendum" dated 30 May 2012, are available at www.fitchratings.com. Applicable Criteria and Related Research Global Structured Finance Rating Criteria hereGlobal Criteria for Lenders’ Mortgage Insurance in RMBS hereAPAC Residential Mortgage Criteria here APAC Residential Mortgage Criteria Addendum — Australia here Counterparty Criteria for Structured Finance Transactions here Counterparty Criteria for Structured Finance Transactions: Derivative Addendum here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S FREE WEBSITE '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 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.
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here SYDNEY, March 05 (Fitch) Fitch Ratings has assigned expected ratings and outlooks to RESIMAC Premier Series 2013-1's mortgage-backed floating-rate notes as follows: AUD50.0m Class A1 notes: 'AAA(EXP)sf'; Outlook Stable USD200.0m Class A2-A notes: 'F1+(EXP)sf' AUD0.0m Class A2-R notes: 'AAA(EXP)sf'; Outlook Stable AUD200.0m Class A3 notes: 'AAA(EXP)sf'; Outlook Stable AUD29.8m Class AB notes: 'AAA(EXP)sf'; Outlook Stable AUD17.5m Class B-1 notes: Not Rated AUD2.8 m Class B-2 notes: Not Rated The notes will be issued by Perpetual Trustee Company Limited in its capacity as trustee for RESIMAC Triomphe Trust in respect of Premier Series 2013-1. Key Rating Drivers The 'F1+(EXP)sf' Short-Term Rating assigned to the class A2-A note is supported by the rating of the redemption facility provider, National Australia Bank Limited ('AA-'/Stable/'F1+'). The 'AAA(EXP)sf' Long-Term Rating assigned to the class A1, A-2R, A-3 and AB notes is based on: the quality of the collateral; the 10.0% credit enhancement (CE) provided to the class A1, A2-R, and A-3 notes by the subordinate AB, B-1 and B-2 notes; the 4.1% CE provided to the class AB notes by the subordinate B-1 and B-2 notes and the liquidity facility of 1.05%. The rating also reflects RESIMAC's underwriting standards and servicing capabilities. At the cut-off date, the collateral pool consisted of 1,777 loans totalling approximately AUD501.5m. Loans included in the pool have been originated by RESIMAC Limited. The weighted average current loan-to-value ratio was 70.9%, and the weighted average seasoning was 37 months. The pool is composed of 100% fully verified documentation loans, while investment loans account for 33.1% and fixed rate mortgages 3% of the pool. Rating Sensitivities Fitch's stress and rating sensitivity analysis is discussed in the presale report entitled "RESIMAC Triomphe Trust - RESIMAC Premier Series 2013-1", available at www.fitchratings.com or by clicking on the above link. Included as an appendix to the report are a description of the representations, warranties, and enforcement mechanisms. Contacts: Primary Analyst Courtney Miller Analyst +612 8256 0347 Fitch Australia Pty Ltd. Level 15, 77 King St, Sydney, NSW 2000 Secondary Analyst Ben Newey Director +612 8256 0341 Committee Chairperson Stan Ho Senior Director +852 2263 9668 Media Relations: Iselle Gonzalez, Sydney, Tel: +61 2 8256 0326, Email: iselle.gonzalez@fitchratings.com. The source of information identified for this rating action was informed by information from RESIMAC, NAB, as arranger and their counsel King & Wood Mallesons. The issuer has informed Fitch that not all relevant underlying information used in the analysis of the rated notes is public. 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. Applicable criteria, "Global Structured Finance Rating Criteria" dated 6 June 2012, "Global Criteria for Lenders' Mortgage Insurance in RMBS" dated 7 September 2012, "APAC Residential Mortgage Criteria" dated 3 August 2012, "APAC Residential Mortgage Criteria Addendum - Australia" dated 3 August 2012, "Counterparty Criteria for Structured Finance Transactions" dated 30 May 2012, and "Counterparty Criteria for Structured Finance Transactions: Derivative Addendum" dated 30 May 2012, are available at www.fitchratings.com. Applicable Criteria and Related Research Global Structured Finance Rating Criteria hereGlobal Criteria for Lenders’ Mortgage Insurance in RMBS hereAPAC Residential Mortgage Criteria here APAC Residential Mortgage Criteria Addendum — Australia here Counterparty Criteria for Structured Finance Transactions here Counterparty Criteria for Structured Finance Transactions: Derivative Addendum here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S FREE WEBSITE '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 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.
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