TEXT-S&P Publishes Report On Master Trust Structures In Aust., NZ

(The following was released by the rating agency)

MELBOURNE (Standard & Poor's) Sept. 5, 2012--Standard & Poor's Ratings Services today published a commentary on master trust structures and their use by mortgage lenders in Australia and New Zealand. Lenders and investors have shown increased interest in master trust structures, which offer a broader range of liability profiles compared with traditional residential mortgage-backed securities (RMBS).

The commentary highlights some of the key features that would give rise to credit considerations that may not be common in RMBS, including:

-- Varying liability profile and pro-rata loss allocation;

-- Parameters and triggers to maintain credit quality; and

-- A more complex cash-flow mechanism due to more complex liability profiles.