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Rating Action:

MOODY'S AFFIRMS RMBS RATINGS FOLLOWING DOWNGRADE OF GEMI AUSTRALIA TO Aa2

29 Sep 2003
MOODY'S AFFIRMS RMBS RATINGS FOLLOWING DOWNGRADE OF GEMI AUSTRALIA TO Aa2 Moody's Investors Service has affirmed the ratings of various Australian residential mortgage-backed securities following the downgrade of GE Mortgage Insurance Pty. Ltd.'s (GEMI's) Insurance Financial Strength Rating to Aa2 from Aa1.

A major factor in affirming the Aaa ratings of the senior notes is the gradual increase in subordination levels, which occurs as a result of loan prepayments. Furthermore, a number of programs provided additional subordination at the outset as a buffer against the risk of mortgage insurer downgrades.

In affirming the ratings of the junior notes at Aa1, Moody's considered the low delinquency and claims experience of the relevant loan portfolios, the benefit of the appreciation in house prices since the original loan to value ratios were assessed, and the value of other structural enhancements, such as excess spread.

The ratings affirmation applies to the following programs:

Aaa ratings affirmed:

Australian Residential Mortgage Securities (ARMS) II Euro Fund I
Australian Residential Mortgage Securities (ARMS) II Euro Fund II
Australian Residential Mortgage Securities (ARMS) II Euro Fund III
Australian Residential Mortgage Securities (ARMS) II Fund II
Australian Residential Mortgage Securities (ARMS) II Fund III
Australian Residential Mortgage Securities (ARMS) II Fund IV
Australian Residential Mortgage Securities (ARMS) II Fund VIII
Australian Residential Mortgage Securities (ARMS) II Fund XIII
Australian Residential Mortgage Securities (ARMS) II Fund XIV

Series 1999-1E CATS Trust

Crusade Euro Trust No. 1 of 1998
Crusade Euro Trust No. 2 of 1998
Crusade Global Trust No. 1 of 1999
Crusade Global Trust No. 1 of 2001
Crusade Global Trust No. 2 of 2001
Crusade Trust No. 1A of 2002
Crusade Global Trust No. 1 of 2002
Crusade Global Trust No. 2 Of 2003

HBS Trust 2003-1E

Homeside Mortgage Securities Trust 2001-1

Illawarra Series 2003-1 Trust

Series 1998-1 Medallion Trust
Series 2000-1G Medallion Trust
Series 2000-2G Medallion Trust
Series 2001-1G Medallion Trust
Series 2002-1G Medallion Trust
Medallion Trust Series 2003-1G

National Mutual Home Loans Securitisation Fund No. 3
National Mutual Home Loans Securitisation Fund No. 4
National Mutual Home Loans Securitisation Fund No. 5
National Mutual Home Loans Securitisation Fund No. 6
National Mutual Home Loans Securitisation Fund No. 7

Progress 2002-1 Trust
Progress 2003-1 Trust

PUMA Global Trust No. 1
PUMA Global Trust No. 2
PUMA Global Trust No. 3
PUMA Global Trust No. 4
PUMA Masterfund E-2
PUMA Masterfund E-3
PUMA Masterfund P-7
PUMA Masterfund P-8A
PUMA Masterfund P-8B

RAMS Mortgage Corp. Ltd. Series 1
RAMS Mortgage Corp. Ltd. Series 4
RAMS Mortgage Corp. Ltd. Series 5E
RAMS Mortgage Corp. Ltd. Series 6E
RAMS Mortgage Corp. Ltd. Series 7E
RAMS Mortgage Corp. Ltd. Series 8
RAMS Mortgage Corp. Ltd. Series 9
RAMS Mortgage Corp. Ltd. Series 10
RAMS Mortgage Corp. Ltd. Series 11

RESIMAC Series 1998-1 Fund
RESIMAC Series 2003-1E Fund

Securitised Australian Mortgage Trust 1998-1

SMHL Global Fund No. 1
SMHL Global Fund No. 4
Superannuation Members' Home Loans Securitisation Fund No. 7
Superannuation Members' Home Loans Securitisation Fund No. 8
Superannuation Members' Home Loans Securitisation Fund 2003-1
Superannuation Members' Home Loans Securitisation Fund 2003-2

Series 2000-1G TORRENS Trust
Series 2001-1 TORRENS Trust
Series 2002-1 TORRENS Trust

Series 1998-1G WST Trust
Series 1999-1G WST Trust

Aa1 ratings affirmed:

Crusade Euro Trust No. 1 of 1998
Crusade Global Trust No. 1 of 1999
Series 1998-1 Medallion Trust
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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