Moody's completes review of PMI-linked Australia RMBS notes
Senior notes no longer on review for possible downgrade
Sydney, September 05, 2008 -- Moody's Investors Service has today completed its review of 17 senior
and 6 mezzanine Australian RMBS notes and, as a result, removed
them from possible downgrade, and confirmed their ratings.
At the same time, Moody's says it will continue its review
for possible downgrade of 84 junior notes.
The notes mentioned above were identified in the Moody's July 15,
2008 press release, which concerned those RMBS notes affected as
a result of the downgrade of PMI Mortgage Insurance Ltd (PMI Australia).
In addition to these notes, Moody's reviewed three recently issued
transactions, HBS Trust No. 3, RESIMAC Triomphe Trust
Warehouse Series No.1, and TORRENS Series 2008-2(W)
Trust. While the senior classes for these transactions were not
on review, their mezzanine and junior classes remain on review for
possible downgrade.
These rating actions follow further review of the RMBS notes, including
the initial and current levels of credit protection and other structural
features, in light of the planned acquisition of PMI Australia by
QBE Insurance Group Ltd (as described in Moody's press release of
August 14, 2008).
All notes continue to have exposure to PMI Australia, which has
an insurance financial strength rating of Aa3 on review for possible downgrade.
Below is a list of notes, previously on review for possible downgrade,
whose ratings are now confirmed:
Apollo Series 2007-1E Trust, Class 1A, currently rated
Aaa
Apollo Series 2007-1E Trust, Class 2A, currently rated
Aaa
Challenger Millenium Series 2007-2L Trust, Class AB,
currently rated Aa1
Challenger Millennium Series 2007-1E Trust, Class AB,
currently rated Aa1
Crusade Euro Trust No. 1E of 2007, Class A-1,
currently rated Aaa
Crusade Euro Trust No. 1E of 2007, Class A-2,
currently rated Aaa
Crusade Euro Trust No.1E of 2007, Class B, currently
rated Aa2
Interstar Millennium Series 2006-4H, Class AB, currently
rated Aa1
Lion Series 2007-1 Trust, Class A, currently rated
Aaa
National RMBS Trust 2006-1 , Class A, currently rated
Aaa
Puma Global Trust No. 5, Class A-1, currently
rated Aaa
Puma Global Trust No. 5, Class A-2, currently
rated Aaa
Puma Global Trust No. 5, Class A-3, currently
rated Aaa
Puma Masterfund P-12 Series A, Class A, currently rated
Aaa
Puma Masterfund P-12 Series B, Class A, currently rated
Aaa
RAMS MORTGAGE SECURITIES TRUST in respect of Series 2006-1,
Class A, currently rated Aaa
RAMS MORTGAGE SECURITIES TRUST in respect of Series 2006-1 ,
Class AB, currently rated Aa1
RAMS Mortgage Securities Trust Series UniCredit (1) , Class A,
currently rated Aaa
RAMS Mortgages Securities Trust Series 2007-3 , Class AB,
currently rated Aa1
Series 2007-1E Swan Trust, Class A1, currently rated
Aaa
Series 2007-1E Swan Trust, Class A2, currently rated
Aaa
Series 2007-1E Swan Trust, Class A3, currently rated
Aaa
Series 2007-1E Swan Trust, Class A4, currently rated
Aaa
Separately, those notes which remain on review for possible downgrade:
Apollo Series 2004-1E Trust, Class B, currently rated
Aa3, on review for possible downgrade
Apollo Series 2004-2 Trust, Class B, currently rated
Aa3, on review for possible downgrade
Apollo Series 2005-1E Trust, Class B, currently rated
Aa3, on review for possible downgrade
Apollo Series 2005-2 Trust, Class B, currently rated
Aa3, on review for possible downgrade
Apollo Series 2006-1E Trust, Class B, currently rated
Aa3, on review for possible downgrade
Apollo Series 2007-1E Trust, Class B, currently rated
Aa3, on review for possible downgrade
Australian Residential Mortgage Securities (ARMS) II Euro Fund VI,
Class B, currently rated Aa3, on review for possible downgrade
Australian Residential Mortgage Securities (ARMS) II Fund XV, Class
B, currently rated Aa3, on review for possible downgrade
Australian Residential Mortgage Securities (ARMS) II Global Fund 2,
Class B, currently rated Aa3, on review for possible downgrade
Australian Residential Mortgage Securities (ARMS) II Global Fund 3,
Class B-1(a), currently rated Aa3 , on review for possible
downgrade
Australian Residential Mortgage Securities (ARMS) II Global Fund 3,
Class B-1(b), currently rated Aa3 , on review for possible
downgrade
Australian Residential Mortgage Securities (ARMS) II Low Doc Fund I,
Class B, currently rated Aa3, on review for possible downgrade
Challenger Millennium Series 2007-1E Trust, Class B,
currently rated Aa3, on review for possible downgrade
Challenger Millennium Series 2007-2L Trust, Class B,
currently rated Aa3, on review for possible downgrade
FirstMac Bond Series 1E-2006 Trust, Class B, currently
rated Aa3, on review for possible downgrade
FirstMac Bond Series 3-2005 Trust, Class B, currently
rated Aa3, on review for possible downgrade
FirstMac Mortgage Funding Trust Series 1-2007, Class B,
currently rated Aa3, on review for possible downgrade
FirstMac Mortgage Funding Trust Series 1E-2007, Class B,
currently rated Aa3, on review for possible downgrade
HBS Trust 2003-1E, Class B, currently rated Aa3,
on review for possible downgrade
HBS Trust 2004-1, Class B, currently rated Aa3,
on review for possible downgrade
HBS Trust 2005-1E, Class B, currently rated Aa3,
on review for possible downgrade
HBS Trust 2006-1, Class B, currently rated Aa3,
on review for possible downgrade
HBS Trust No. 3, Class AB, currently rated Aa1,
on review for possible downgrade
HBS Trust No. 3, Class B, currently rated Aa2,
on review for possible downgrade
Interstar Millennium Series 2003-5G Trust, Class B1,
currently rated Aa3, on review for possible downgrade
Interstar Millennium Series 2003-5G Trust, Class B2,
currently rated Aa3, on review for possible downgrade
Interstar Millennium Series 2004-1E Trust, Class B,
currently rated Aa3, on review for possible downgrade
Interstar Millennium Series 2004-2G Trust, Class B,
currently rated Aa3, on review for possible downgrade
Interstar Millennium Series 2004-4E Trust, Class B,
currently rated Aa3, on review for possible downgrade
Interstar Millennium Series 2005-1G Trust, Class B,
currently rated Aa3, on review for possible downgrade
Interstar Millennium Series 2005-2L Trust, Class B,
currently rated Aa3, on review for possible downgrade
Interstar Millennium Series 2005-3E Trust, Class B,
currently rated Aa3, on review for possible downgrade
Interstar Millennium Series 2006-2G Trust, Class B,
currently rated Aa3, on review for possible downgrade
Interstar Millennium Series 2006-3L Trust, Class B,
currently rated Aa3, on review for possible downgrade
Interstar Millennium Series 2006-4H, Class B, currently
rated Aa3, on review for possible downgrade
Kingfisher Trust 2004-1G, Class B, currently rated
Aa3, on review for possible downgrade
Lion Series 2007-1 Trust, Class B, currently rated
Aa3, on review for possible downgrade
Medallion Trust Series 2006-1G, Class B, currently
rated Aa3, on review for possible downgrade
National RMBS Trust 2004-1, Class B, currently rated
Aa3, on review for possible downgrade
National RMBS Trust 2006-1, Class B, currently rated
Aa3, on review for possible downgrade
National RMBS Trust 2006-3, Class B, currently rated
Aa3, on review for possible downgrade
Progress 2003 E-1 Trust, Class B, currently rated Aa3,
on review for possible downgrade
Progress 2004 E-1 Trust, Class B, currently rated Aa3,
on review for possible downgrade
Progress 2004-2 Trust, Class B, currently rated Aa3,
on review for possible downgrade
Progress 2005-1 Trust, Class B, currently rated Aa3,
on review for possible downgrade
Progress 2005-2 Trust, Class B, currently rated Aa3,
on review for possible downgrade
Progress 2006-1 Trust, Class B, currently rated Aa3,
on review for possible downgrade
Progress 2007-1G Trust, Class B, currently rated Aa3,
on review for possible downgrade
PUMA Global Trust No.5, Class B, currently rated Aa3,
on review for possible downgrade
Puma Global Trust S-1, Class B, currently rated Aa3,
on review for possible downgrade
Puma Masterfund H-1, Class B, currently rated Aa3,
on review for possible downgrade
PUMA Masterfund P-10 Series B, Class B, currently rated
Aa3, on review for possible downgrade
PUMA Masterfund P-10 Series C, Class B, currently rated
Aa3, on review for possible downgrade
Puma Masterfund P-10, Class B, currently rated Aa3,
on review for possible downgrade
PUMA Masterfund P-11 Series A, Class B, currently rated
Aa3, on review for possible downgrade
Puma Masterfund P-11 Series B, Class B, currently rated
Aa3, on review for possible downgrade
Puma Masterfund P-12 Series A, Class B, currently rated
Aa3, on review for possible downgrade
PUMA Masterfund P-12 Series B, Class B, currently rated
Aa3, on review for possible downgrade
PUMA Masterfund P-13 Series A, Class B, currently rated
Aa3, on review for possible downgrade
PUMA Masterfund S-2 Series A, Class B, currently rated
Aa3, on review for possible downgrade
Puma Masterfund S-3, Class B, currently rated Aa3,
on review for possible downgrade
PUMA Masterfund S-4, Class B, currently rated Aa3,
on review for possible downgrade
PUMA Masterfund S-5, Class B, currently rated Aa3,
on review for possible downgrade
RAMS MORTGAGE SECURITIES TRUST in respect of Series 2006-1,
Class B, currently rated Aa3, on review for possible downgrade
RBS Trust 2003-1, Class B, currently rated Aa3,
on review for possible downgrade
RBS Trust 2004-1, Class B, currently rated Aa3,
on review for possible downgrade
RBS Trust 2005-1, Class B, currently rated Aa3,
on review for possible downgrade
RBS Trust 2007-1, Class B, currently rated Aa3,
on review for possible downgrade
Resimac Premier Euro 2003-1 Trust, Class B, currently
rated Aa3, on review for possible downgrade
Resimac Premier Euro 2004-1E Trust, Class 1B, currently
rated Aa3, on review for possible downgrade
Resimac Premier Euro 2004-2E Trust, Class B, currently
rated Aa3, on review for possible downgrade
RESIMAC Premier Euro 2005-1E Trust, Class 2B, currently
rated Aa3, on review for possible downgrade
Resimac Premier Euro 2006-1E Trust, Class 2B, currently
rated Aa3, on review for possible downgrade
RESIMAC Triomphe Trust Warehouse Series No.1, Class AB,
currently rated Aa1, on review for possible downgrade
RESIMAC Triomphe Trust Warehouse Series No.1, Class B,
currently rated Aa3, on review for possible downgrade
RMS Trust 2003-1E, Class 1B, currently rated Aa3,
on review for possible downgrade
Series 2005-1 Reds Trust, Class B, currently rated
Aa3, on review for possible downgrade
Series 2005-2 Reds Trust, Class B, currently rated
Aa3, on review for possible downgrade
Series 2005-2(S) TORRENS Trust, Class B, currently
rated Aa3, on review for possible downgrade
Series 2006-1E REDS Trust, Class B, currently rated
Aa3, on review for possible downgrade
Series 2006-1E SWAN Trust, Class B, currently rated
Aa3, on review for possible downgrade
Series 2007-1E REDS Trust, Class B, currently rated
Aa3, on review for possible downgrade
Series 2007-1E SWAN Trust, Class B, currently rated
Aa3, on review for possible downgrade
Series 2007-2 REDS Trust, Class B, currently rated
Aa3, on review for possible downgrade
TORRENS Series 2005-3(E) Trust, Class B, currently
rated Aa3, on review for possible downgrade
TORRENS Series 2006-1(E) Trust, Class B, currently
rated Aa3, on review for possible downgrade
Torrens Series 2007-1 Trust, Class B, currently rated
Aa3, on review for possible downgrade
TORRENS Series 2008-2(W) Trust, Class AB, currently
rated Aa1, on review for possible downgrade
TORRENS Series 2008-2(W) Trust, Class B, currently
rated Aa3, on review for possible downgrade
Unity Series 2003-1 Trust, Class B, currently rated
Aa3, on review for possible downgrade
The ratings address the expected loss posed to investors by the legal
final maturity. Moody's ratings address only the credit risks associated
with the transaction. Other non-credit risks have not been
addressed, but may have significant effect on yield to investors.
Moody's ratings are subject to revision, suspension or withdrawal
at any time at our absolute discretion. The ratings are expressions
of opinion and not recommendations to purchase, sell or hold securities
Sydney
Arthur Karabatsos
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service Pty Ltd
JOURNALISTS: (612) 9270-8102
SUBSCRIBERS: (612) 9270-8100
Sydney
Richard Lorenzo
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service Pty Ltd
JOURNALISTS: (612) 9270-8102
SUBSCRIBERS: (612) 9270-8100