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Rating Action:

MOODY'S ASSIGNS PROVISIONAL RATINGS TO CLASS A NOTES OF RMS TRUST 2004-1E

31 Mar 2004
MOODY'S ASSIGNS PROVISIONAL RATINGS TO CLASS A NOTES OF RMS TRUST 2004-1E

Approximately €500 Million and A$200 Million of mortgage backed securities rated

Sydney, March 31, 2004 -- Moody's Investors Service has assigned provisional ratings to the Notes to be issued by RAMS Mortgage Securities Pty Limited, in its capacity as trustee of RMS 2004 E-1 Trust The ratings address the expected loss posed to investors by the legal final maturity.

COMPLETE RATING ACTIONS

The rating assignments are as follow:

€500 Million, Class 1A Notes, rated (P)Aaa

A$200 Million, Class 2A Notes, rated (P)Aaa

A$36 Million, Class B Notes, not rated

The structure allows for timely payment of interest and ultimate payment of principal with respect to the Class 1A and Class 2A notes by the legal final maturity. The Class 1B Bonds are not rated by Moody's.

RATING OPINION

Moody's has assigned provisional (P)Aaa ratings to the Class A Notes, based on the following factors:

- The level of support provided to the Class A Notes by the subordinated Class B Notes, equal to approximately 3.6% of the total Notes issued;

- The mortgage policies from GE Capital Mortgage Insurance Corporation (Australia) Pty Ltd (GEMICO) (insurance financial strength rating Aa2), PMI (insurance financial strength rating Aa3 on review for possible upgrade), PMI Indemnity Limited (PMI Indemnity) (insurance financial strength rating Aa3) and Housing Loans Insurance Corporation Pty Limited (HLIC) (rated Aaa). These insurance policies cover default losses equal to 100% of the principal and accrued interest of each loan;

- The availability of excess interest income to meet any principal charge-off (if any);

- The interest rate swap contracts entered into with JPMorgan Chase Bank, Sydney Branch (Aa3/P-1), which hedge the interest rate mismatch between the Issuer's floating-rate obligations to Noteholders and the fixed receipts from the fixed-rate mortgage loans;

- The obligations of the currency swap provider, Deutsche Bank AG (Aa3/P-1), to meet EUR payments to the Class 1A noteholders by taking the exchange rate volatility risks under the currency swap agreement;

- The liquidity support provided the ability to meet interest shortfalls through the application of principal receipts or the 0.25% cash deposit funded from the proceeds of the notes, as well as the timely payment coverage from the mortgage insurance policies;

- The threshold rate mechanism, which obliges the Manager to set interest rates on the mortgage loans at a rate sufficient to cover the obligations of the Issuer under the transaction documents;

- The protection provided to the Noteholders by a fixed and floating charge over the assets of the trust granted to the Security Trustee on behalf of the Noteholders;

- The ability of RAMS Home Loans Pty Limited and Receivables Servicing Pty. Limited to perform their obligations relating to the management and servicing of the RMS Trust 2004-1E

SERVICER AND PROGRAM MANAGER

Receivables Servicing Pty. Limited, is responsible for the day-to-day servicing of the mortgages in RMS Trust 2004-1E. The Servicer is a company within the RAMS group of companies and has delegated all of its servicing functions to Unisys Credit Services Limited. The Servicer will remain liable for servicing the Loan Portfolio and the acts and omissions of any delegate, including Unisys Australia Limited.

The Manager - RAMS Finance Pty. Limited - provides the administrative support and automated systems required to perform the administration, supervision and management of RMS.

Moody's has reviewed the operations of the Servicer, as well as the capabilities of the Manager, and is satisfied that both are capable of satisfactorily performing their obligations.

For a copy of the pre-sale report, please visit Moody's Australia website www.moody.com.au.

Sydney
Tim See
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service Pty Ltd
612 9270 8100

Sydney
Kim T. Ly
Associate Analyst
Structured Finance Group
Moody's Investors Service Pty Ltd
612 9270 8100

No Related Data.
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