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PLEASE READ AND SCROLL DOWN!

 

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Related Issuers
Apollo Series 2004-1E Trust
Apollo Series 2004-2 Trust
Apollo Series 2005-1E Trust
Apollo Series 2005-2 Trust
Apollo Series 2006-1E Trust
Apollo Series 2007-1E Trust
Australian Residential Mortgage Securities (ARMS) II Fund VI
Australian Residential Mortgage Securities (ARMS) II Fund XV
Australian Residential Mortgage Securities (ARMS) II Global Fund 2
Australian Residential Mortgage Securities (ARMS) II Global Fund 3
Australian Residential Mortgage Securities (ARMS) II Low Doc Fund I
Challenger Millennium Series 2007-1E Trust
Challenger Millennium Series 2007-2L Trust
Crusade Euro Trust No. 1E of 2007
FirstMac Bond Series 1E-2006 Trust
FirstMac Bond Series 3-2005 Trust
FirstMac Mortgage Funding Trust Series 1-2007
FirstMac Mortgage Funding Trust Series 1E-2007
HBS Trust 2003-1E
HBS Trust 2005-1E
HBS Trust 2006-1
HBS Trust No. 3
Interstar Millennium Series 2003-5G Trust
Interstar Millennium Series 2004-1E Trust
Interstar Millennium Series 2004-2G Trust
Interstar Millennium Series 2004-4E Trust
Interstar Millennium Series 2005-1G Trust
Interstar Millennium Series 2005-2L Trust
Interstar Millennium Series 2005-3E Trust
Interstar Millennium Series 2006-4H Trust
J.P. Morgan Trust Australia Limited
Lion Series 2007-1 Trust
National RMBS Trust 2006-1
Perpetual Limited
Perpetual Trustee Company Limited
Perpetual Trustees Victoria Limited
Progress 2003 E-1 Trust
Progress 2004 E-1 Trust
Progress 2004-2 Trust
Progress 2005-1 Trust
Progress 2005-2 Trust
Progress 2007-1G Trust
PUMA Global Trust No.5
Puma Masterfund H-1
PUMA Masterfund P-10 Series B
PUMA Masterfund P-10 Series C
Puma Masterfund P-12 Series A
PUMA Masterfund P-12 Series B
RAMS Mortgage Corporation Limited
RBS Trust 2004-1
RBS Trust 2005-1
RBS Trust 2007-1
RESIMAC Premier Euro 2005-1E Trust
RHG Mortgage Securities Pty Limited
RHG Mortgage Securities Trust Series 2006-1
RHG Mortgage Securities Trust Series 2007-3
RHG Mortgage Securities Trust Series UniCredit (1)
Series 2005-1 Reds Trust
Series 2005-2 Reds Trust
Series 2006-1E REDS Trust
Series 2007-1E SWAN Trust
Unity Series 2003-1 Trust
Rating Action:

Moody's completes review of PMI-linked Australia RMBS notes

05 Sep 2008
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

No Related Data.
© 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH  CURRENT OPINIONS. MOODY'S INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND  OTHER OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES  ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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