April 5, 2012 / 12:40 AM / in 6 years

TEXT: Fitch Affirms Barton Series 2011-1 Trust

(The following was released by the rating agency)

SYDNEY, April 04 (Fitch) Fitch Ratings has affirmed Barton Series 2011-1 Trust, a securitisation of first-ranking Australian residential mortgages originated by Community CPS Australia Limited (CCPS). The rating actions are as follows:

AUD133.9m Class A1 (ISIN AU3FN0012829) affirmed at ‘AAAsf’; Outlook Stable

AUD90.9m Class A2 (ISIN AU3FN0012837) affirmed at ‘AAAsf’; Outlook Stable

AUD7.8m Class AB (ISIN AU3FN0012845) affirmed at ‘AAAsf’; Outlook Stable

The rating actions reflect Fitch’s view that credit enhancement levels are able to support the notes’ current ratings. The credit quality and performance of the loans within the collateral pool remains in line with the agency’s expectations.

At end-February 2012, 30+ day arrears are 0.2% of the underlying mortgage balance, compared to Fitch’s 30+ Day Dinkum Index, which measures industry-wide performance, of 1.57%. Since issue in April 2011 30+ day arrears have ranged from 0% to 0.2%.

The transaction has experienced no defaults, and consequently no claims since closing. All loans in the pool are covered by mortgage insurance from Genworth Financial Mortgage Insurance Pty Ltd and QBE Lenders’ Mortgage Insurance Limited (‘AA-'/Stable).

Prepayments have been consistent since issuance, averaging 21.8% of the collateral balance. The strong prepayment rates have resulted in a build-up of credit enhancement for the most senior notes.

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