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RPT-Fitch Rates Triton Trust No.2 Bond Series 2014-P
June 26, 2014 / 9:12 AM / 3 years ago

RPT-Fitch Rates Triton Trust No.2 Bond Series 2014-P

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June 26 (Reuters) - (The following statement was released by the rating agency)

Fitch Ratings has assigned ratings and Outlooks to Triton Trust No. 2 Bond Series 2014-P’s residential mortgage-backed floating-rate notes as listed below. The ratings are as follows:

AUD106.6m Class A1 notes: ‘AAAsf’; Outlook Stable

AUD24.0m Class A2 notes: ‘AAAsf’; Outlook Stable

AUD4.0m Class B notes: ‘AAsf’; Outlook Stable

AUD3.0m Class C notes: ‘Asf’; Outlook Stable

AUD3.75m Class D notes: ‘BBBsf’; Outlook Stable

AUD3.7m Class E notes: ‘BBsf’; Outlook Stable

AUD1.55m Class F notes: ‘Bsf’; Outlook Stable

AUD3.2m Class G notes: NR

The notes, due December 2044, will be issued by Perpetual Corporate Trust Limited as trustee for Triton Trust No. 2 in respect of Bond Series 2014-P. At the cut-off date, 30 April 2014, the total collateral pool consisted of 559 loans, totaling approximately AUD148.3m.

KEY RATING DRIVERS

Key Pool Characteristics: The weighted-average (WA) seasoning of the portfolio is 95 months with an average current loan/value ratio (LVR) of 69.4% (indexed LVR is 59.6%). The transaction has a proportion of loans that are interest only (32.6%), and investment loans make up 51% of the pool by balance. The portfolio is well spread geographically.

RATING SENSITIVITY

Unexpected decreases in residential property values, increases in the frequency of foreclosures, and loss severity on defaulted mortgages could produce loss levels higher than Fitch’s base case, which could in turn result in potentially negative rating actions on the notes. Fitch has evaluated the sensitivity of the ratings to increased defaults and decreased recovery rates over the life of the transaction.

Any significant increase in defaults, losses or delinquencies and decreases in recovery rates away from base case assumptions may result in future negative rating actions.

Included as an appendix is a description of the representations, warranties, and enforcement mechanisms.

Link to Fitch Ratings’ Report: Triton Trust No.2 Bond Series 2014-P Appendix

here

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