TEXT-S&P Ups Liberty Series 2010-1 Auto Notes Rtgs, Afms One Class

(The following was released by the rating agency)

OVERVIEW

-- The rating actions follow a review of the latest performance data available for Liberty Series 2010-1 Auto.

-- The notes issued by the trustee of Liberty Series 2010-1 Auto are backed by a pool of loans secured by passenger cars and light commercial vehicles originated by Liberty Financial Pty. Ltd.

-- The transaction has performed soundly, with relatively low arrears levels and a build up of credit support to the notes.

-- As a result, we have raised the ratings on two tranches of notes issued by Liberty Series 2010-1 Auto and affirmed the rating on one other tranche of notes.

MELBOURNE (Standard & Poor's) July 12, 2012--Standard & Poor's Ratings Services today raised its ratings on the class B and C notes issued by Liberty Series 2010-1 Auto. At the same time, we affirmed our 'BB (sf)' rating on the transaction's class D notes (see list).

The notes are backed by a portfolio of loans secured by passenger cars and light commercial vehicles originated by Liberty Financial Pty. Ltd. The underlying assets of the trust have performed well during the life of the transaction, with low levels of arrears and a build up of credit support to the notes. As of May 31, 2012, the transaction's cumulative gross losses are approximately 3.97% of the original portfolio balance. Net losses to date have been covered by excess spread with no charge offs to notes. About 76% of the portfolio balance has paid down. The ratings reflect our view that the rated notes are able to withstand stresses that are commensurate with their rating levels.