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Announcement:

Moody's: Australian ABS performance stable in Q4 2011

Global Credit Research - 15 Mar 2012

Sydney, March 15, 2012 -- Moody's Investors Service says that the performance of the Australian ABS market saw slight increases in delinquencies across most programs.

The continuing stable outlook is supported by the accumulation of credit enhancement and the strong credit quality of receivables originated within Australian ABS.

Moody's expects the default rates for underlying collateral to be steady, underpinned by Australia's robust economic growth.

Losses will be stable for all vintages throughout 2012, while the growth rate of losses for the 2010 vintage will slow by the second quarter.

In Q4, cumulative defaults increased in the range of 2% to 8%, Q-o-Q, for 2007, 2008, and 2009 vintages.

Cumulative net losses increased in the range of 4% to 11%, Q-o-Q, for 2007, 2008, and 2009 vintages.

There was a 48% increase in 2010 vintage defaults, and a 50% increase in net losses, Q-o-Q.

There have been no upgrades or downgrades of Australian ABS notes since October 2011, and the rating performance of ABS transactions remains within Moody's expectations.

It was a record year for issuance activity in the Australian ABS sector in 2011, with a total of 12 deals and a volume of AUD5.76 billion.

Finally, the Personal Property Securities Act came into effect in February 2012, and while legal opinions around the implications for securitization structures are vague at this point, Moody's anticipates more clarity as the year progresses.

The report is entitled, Australian ABS Performance Review: Q4 2011. It can be found at www.moodys.com

NOTE TO JOURNALISTS ONLY: For more information, please call one of our global press information hotlines: New York +1-212-553-0376, London +44-20-7772-5456, Tokyo +813-5408-4110, Hong Kong +852-3758-1350, Sydney +61-2-9270-8141, Mexico City 001-888-779-5833, Sao Paulo 0800-891-2518, or Buenos Aires 0800-666-3506. You can also email us at mediarelations@moodys.com or visit our web site at www.moodys.com.

Andrew Crawshaw-Fardouly
Associate Analyst
Structured Finance Group
Moody's Investors Service Pty. Ltd.
Level 10
1 O'Connell Street
Sydney NSW 2000
Australia
JOURNALISTS: (612) 9270-8102
SUBSCRIBERS: (612) 9270-8100

Koji Kumamaru
MD - Structured Finance
Structured Finance Group
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Releasing Office:
Moody's Investors Service Pty. Ltd.
Level 10
1 O'Connell Street
Sydney NSW 2000
Australia
JOURNALISTS: (612) 9270-8102
SUBSCRIBERS: (612) 9270-8100

Moody's: Australian ABS performance stable in Q4 2011
No Related Data.

 

© 2014 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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© 2014 Moody's Investors Service, Inc., Moody’s Analytics, Inc. and/or their affiliates and licensors. All rights reserved.
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