RPT-Fitch confirms RESIMAC Premier Series 2012-1 notes

Tue Jun 10, 2014 3:32am EDT

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June 10 (Reuters) - (The following statement was released by the rating agency)

Fitch Ratings has confirmed ratings of RESIMAC Premier Series 2012-1's notes following issuance of AUD168.1m Class A1-R mortgage backed floating rate notes. The ratings are as follows:

AUD168.1m Class A1-R notes: 'AAAsf'; Outlook Stable

AUD97.5m Class A2 notes: 'AAAsf'; Outlook Stable

AUD25.0m Class AB notes: 'AAAsf'; Outlook Stable

AUD17.5m Class B-1 notes: Not Rated

AUD2.5m Class B-2 notes: Not Rated

The notes are issued by Perpetual Trustee Company Limited in its capacity as trustee for RESIMAC Triomphe Trust in respect of Premier Series 2012-1. The 'AAAsf' Long-Term Rating was originally assigned to the Class A1-R tranche with a zero balance at initial settlement on 7 June 2012. The issuance of AUD168.1m Class A1-R notes, plus application of any amounts accumulated in the redemption fund, have been used to redeem the outstanding Class A1-B notes at their maturity today.

KEY RATING DRIVERS

The 'AAAsf' Long-Term Rating assigned to the Class A1-R, A-2 and AB notes is based on: the redemption facility provided by National Australia Bank Limited (NAB, AA-/Stable/F1+); the quality of the collateral; the 14.5% credit enhancement (CE) provided to the Class A1-R and A2 notes by the subordinate AB, B-1 and B-2 notes; the 6.4% CE provided to the Class AB notes by the subordinate B-1 and B-2 notes; the liquidity facility of 1%; and RESIMAC's underwriting standards and servicing capabilities.

RATING SENSITIVITIES

Fitch's stress and rating sensitivity analysis is discussed in the new issue report entitled "RESIMAC Triomphe Trust - RESIMAC Premier Series 2012-1", dated 14 June 2012 available at www.fitchratings.com or by clicking on the above link. Included as an appendix to the report, dated 14 June 2012, are a description of the representations, warranties, and enforcement mechanisms.

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