(Repeat for additional subscribers)
July 1 (The following statement was released by the rating agency)
Fitch Ratings has assigned final rating of 'AAAsf' to
the Class A notes of the Barton Series 2013-1R Trust. The transaction is an
internal securitisation of first-ranking Australian residential, fully
documented mortgages originated by Community CPS Australia Limited.
AUD376.4m Class A notes: 'AAAsf'; Outlook Stable;
AUD23.6m Class B notes: not rated.
The notes are issued by Perpetual Corporate Trust Limited, in its capacity as
trustee of the Series.
KEY RATING DRIVERS
The Long-Term 'AAAsf' rating assigned to the Class A notes is based on the
quality of the collateral; the 5.9% credit enhancement provided by the
subordinate Class B notes; the quality of the transaction counterparties; and
Community CPS Australia Limited's underwriting and servicing capabilities.
Unexpected decreases in the value of residential property or increases in the
frequency of foreclosures, and loss severity on defaulted mortgages could
produce loss levels higher than Fitch base case and could result in potential
negative rating actions on the notes. Fitch evaluated the sensitivity of the
ratings assigned to Barton Series 2013-1R Trust to increased defaults and
reduced recovery rates over the life of the transaction. Its analysis found that
all rated notes displayed relatively little sensitivity to increased defaults,
with the Class A notes showing downgrades of only one rating category even under
Fitch's severe (30% increase) scenario.