TEXT-Fitch Rates Two Crusade Global Trusts Currency Swap Obligations

(The following was released by the rating agency)

June 04 (Fitch) Fitch Ratings has assigned ratings to the following currency swap obligations attached to the respective tranches of these transactions:

Crusade Global Trust No.1 of 2005, Tranche A-2(US22882TAA16), rated 'AAAsf'; Outlook Stable

Crusade Global Trust No.1 of 2007, Tranche A-1(US228819AA63), rated 'AAAsf'; Outlook Stable

Crusade Global Trust No.1 of 2007, Tranche A-2(XS0291457504), rated 'AAAsf'; Outlook Stable

The ratings are based on Fitch's assessment that the currency swap payment obligations rank pro rata and equally with the referenced notes. Consequently, the credit profile of the currency swap payment obligations is consistent with the Long-Term ratings of the referenced note.

To determine the appropriate rating, Fitch analysed the swap agreement and the underlying transaction documents in conjunction with its criteria report, entitled "Criteria for Rating Currency Swap Obligations on an SPV in Structured Finance Transactions" dated 11 August 2011, available at www.fitchratings.com.

The payment obligations to the currency swap counterparty include the scheduled floating-rate payments necessary to pay ongoing interest on the notes (issuer's payment obligations), and interim and final principal payments required to redeem the notes. Fitch's rating does not address any swap termination payments due by the issuer to the currency swap counterparty.