67 tranches confirmed
Sydney, May 16, 2011 -- Moody's Investors Service has today confirmed the ratings of 67 tranches
from 65 Australian RMBS transactions.
The confirmation follows the confirmation of the A1 insurance financial
strength rating of Genworth Financial Mortgage Insurance Pty Ltd (Genworth)
on 12 May 2011.
The affected tranches were placed on review for possible downgrade in
February 2011, when the rating of Genworth was placed on review
for possible downgrade.
At the same time, 12 tranches remain on review due to insufficient
liquidity in light of Moody's operational risk criteria.
For further details of the latter, refer to press release 'Moody's
reviews Australian RMBS following new operational risk criteria'
issued on 24 March 2011.
RATINGS RATIONALE
The ratings confirmation affects Australian RMBS transactions containing
mortgage loans insured by Genworth. The ratings of certain tranches
of these transactions, mostly junior, are highly correlated
with the rating of Genworth.
Details of confirmed tranches are listed below:
Issuer: Challenger Millennium Series 2007-1E Trust
....Class B, Confirmed at A1 (sf);
previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: Challenger Millennium Series 2007-2L Trust
....Class B, Confirmed at A1 (sf);
previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: Crusade Euro Trust No. 1E of 2007
....Class C, Confirmed at A1 (sf);
previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: Interstar Millennium Series 2005-1G Trust
....Class B, Confirmed at A2 (sf);
previously on Feb 10, 2011 A2 (sf) Placed Under Review for Possible
Downgrade
Issuer: Interstar Millennium Series 2005-2L Trust
....Class B, Confirmed at A1 (sf);
previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: Interstar Millennium Series 2006-3L Trust
....Class B, Confirmed at A1 (sf);
previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: Interstar Millennium Series 2004-1E Trust
....Class B, Confirmed at A1 (sf);
previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: Interstar Millennium Series 2004-2G
....Class B, Confirmed at A1 (sf);
previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: Interstar Millennium Series 2004-4E Trust
....Class B, Confirmed at A1 (sf);
previously on Feb 10, 2011 A1 (sf) Remained On Review for Possible
Downgrade
Issuer: Interstar Millennium Series 2005-3E Trust
....Class B, Confirmed at A1 (sf);
previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: Interstar Millennium Series 2006-2G Trust
....Class B, Confirmed at A1 (sf);
previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: Interstar Millennium Series 2006-4H
....Class B, Confirmed at A1 (sf);
previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: Maxis Loans Securitisation Fund 2005-1
....Class B, Confirmed at A1 (sf);
previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: Medallion Trust Series 2006-1G
....Class B, Confirmed at A1 (sf);
previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: Medallion Trust Series 2007-1G
....Class B, Confirmed at A1 (sf);
previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: Mezzanine Investment Trust No.1
....Class A2 Notes, Confirmed at A1
(sf); previously on Feb 9, 2011 A1 (sf) Placed Under Review
for Possible Downgrade
Issuer: National RMBS Trust 2004-1
....Class B, Confirmed at A1 (sf);
previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: National RMBS Trust 2006-1
....Class B, Confirmed at A1 (sf);
previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: National RMBS Trust 2006-3
....Class B, Confirmed at A1 (sf);
previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: Progress 2005-1 Trust
....Class B, Confirmed at A1 (sf);
previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: Progress 2005-2 Trust
....Class B, Confirmed at A1 (sf);
previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: Progress 2006-1 Trust
....Class B, Confirmed at A1 (sf);
previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: Progress 2007-1G Trust
....Class B, Confirmed at A1 (sf);
previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: PUMA Global Trust No.5
....Class B, Confirmed at A1 (sf);
previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: Puma Masterfund H-1
....Class B, Confirmed at A1 (sf);
previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: Puma Masterfund P-10
....Class B Notes, Confirmed at A1 (sf);
previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: PUMA Masterfund P-10 Series B
....Class B Notes, Confirmed at A1 (sf);
previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: PUMA Masterfund P-10 Series C
....Class B Notes, Confirmed at A1 (sf);
previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: PUMA Masterfund P-11 Series A
....Class B, Confirmed at A1 (sf);
previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: Puma Masterfund P-11 Series B
....Class B, Confirmed at A1 (sf);
previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: Puma Masterfund P-12 Series A
....Class B, Confirmed at A1 (sf);
previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: PUMA Masterfund P-12 Series B
....Class B, Confirmed at A1 (sf);
previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: PUMA Masterfund P-13 Series A
....Class B, Confirmed at A1 (sf);
previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: PUMA Masterfund S-2 Series A
....Class B Notes, Confirmed at A1 (sf);
previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: Puma Masterfund S-3
....Class B, Confirmed at A1 (sf);
previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: PUMA Masterfund S-4
....Class B, Confirmed at A1 (sf);
previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: PUMA Masterfund S-5
....Class B, Confirmed at A1 (sf);
previously on Feb 10, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: RBS Trust 2005-1
....Class B, Confirmed at A1 (sf);
previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: RBS Trust 2007-1
....Class B, Confirmed at A1 (sf);
previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: RESIMAC Triomphe Trust Warehouse Series No.1
....Class AB, Confirmed at Aa1 (sf);
previously on Feb 9, 2011 Aa1 (sf) Placed Under Review for Possible
Downgrade
....Class B, Confirmed at A1 (sf);
previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: Securitised Australian Mortgage Trust 2006-1
....Class B, Confirmed at A1 (sf);
previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: Securitised Australian Mortgage Trust 2007-1
....Class B, Confirmed at A1 (sf);
previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: Series 2005-1 Reds Trust
....Class B, Confirmed at A1 (sf);
previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: Series 2005-1G WST Trust
....Class B, Confirmed at A1 (sf);
previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: Series 2005-2 Reds Trust
....Class B, Confirmed at A1 (sf);
previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: Series 2005-2(S) TORRENS Trust
....Class B, Confirmed at A1 (sf);
previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: Series 2006-1E REDS Trust
....Class B, Confirmed at A1 (sf);
previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: Series 2007-1E REDS Trust
....Class B, Confirmed at A1 (sf);
previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: Series 2007-1G WST Trust
....Class B, Confirmed at A1 (sf);
previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: Series 2007-2 REDS Trust
....Class B, Confirmed at A1 (sf);
previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: SMHL Global Fund 2007-1
....Class B, Confirmed at A1 (sf);
previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: SMHL Global Fund No. 7
....Class B, Confirmed at A1 (sf);
previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: SMHL Global Fund No.8
....Class B, Confirmed at A1 (sf);
previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: SMHL Global Fund No.9
....Class B, Confirmed at A1 (sf);
previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: Superannuation Members' Home Loans (SMHL) Securitisation
Fund 2005-1
....Class B, Confirmed at A1 (sf);
previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: Superannuation Members' Home Loans (SMHL) Securitisation
Fund 2005-2
....Class B, Confirmed at A1 (sf);
previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: SMHL Securitisation Fund 2006-1
....Class B, Confirmed at A1 (sf);
previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: TORRENS Series 2005-3(E) Trust
....Class B, Confirmed at A1 (sf);
previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: TORRENS Series 2006-1(E) Trust
....Class B, Confirmed at A1 (sf);
previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: TORRENS Series 2007-1 Trust
....Class B, Confirmed at A1 (sf);
previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: TORRENS Series 2008-2(W) Trust
....Class B, Confirmed at A1 (sf);
previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: TORRENS Series 2009-2(W) trust
....Class B, Confirmed at A2 (sf);
previously on Feb 9, 2011 A2 (sf) Placed Under Review for Possible
Downgrade
Issuer: Trilogy Asset Securities Trust Series 1
....Deferrable Interest Principal A Note,
Confirmed at A1 (sf); previously on Feb 9, 2011 Downgraded
to A1 (sf) and Placed Under Review for Possible Downgrade
Issuer: Superannuation Members' Home Loans (SMHL) Warehousing Trust
2004-1
....Class A, Confirmed at Aaa;
previously on Feb 9, 2011 Aaa Placed Under Review for Possible Downgrade
....Class B, Confirmed at A1 (sf);
previously on Feb 9, 2011 A1 (sf) Placed Under Review for Possible
Downgrade
Issuer: TORRENS Series 2010-3 Trust
....Class AB, Confirmed at Aaa (sf);
previously on Feb 9, 2011 Aaa (sf) Placed Under Review for Possible
Downgrade
The following ratings remain on review in the context of Moody's
operational risk criteria:
Issuer: FirstMac Bond Series 3-2005 Trust
....Class B Notes, A1 (sf) Remains Under
Review for Possible Downgrade
Issuer: FirstMac Bond Series 1E-2006 Trust
....Class B Notes, A1 (sf) Remains Under
Review for Possible Downgrade
Issuer: FirstMac Mortgage Funding Trust Series 1-2007
....Class B Notes, A1 (sf) Remains Under
Review for Possible Downgrade
Issuer: FirstMac Mortgage Funding Trust Series 1E-2007
....Class B Notes, A1 (sf) Remains Under
Review for Possible Downgrade
Issuer: RMS Trust 2003-1E
....Class 1B, A1 (sf) Remains Under
Review for Possible Downgrade
Issuer: RAMS MORTGAGE SECURITIES TRUST in respect of Series 2006-1
....Class B Notes, A1 (sf) Remains Under
Review for Possible Downgrade
Issuer: RHG Mortgage Securities Trust in respect of Series 2007-1HE
....Class B Notes, A1 (sf) Remains Under
Review for Possible Downgrade
Issuer: RHG Mortgage Securities Trust in respect of the Series 2007-2H
....Class B Notes, A1 (sf) Remains Under
Review for Possible Downgrade
Issuer: RHG Mortgage Securities Trust Series 2007-3
....Class B, A1 (sf) Remains Under Review
for Possible Downgrade
Issuer: RESIMAC Premier Euro 2005-1E Trust
....Class 2B, A1 (sf) Remains Under
Review for Possible Downgrade
Issuer: Resimac Premier Euro 2006-1E Trust
....Class 2B, A1 (sf) Remains Under
Review for Possible Downgrade
Issuer: Trilogy 2008-1LD Trust
....Class B Note, A1 (sf) Remains Under
Review for Possible Downgrade
The principal methodology used in this rating was Moody's Approach to
Rating Australian RMBS using MILAN, published in November 2009.
Please see ratings tab on the issuer/entity page on Moodys.com
for the last rating action and the rating history.
Moody's adopts all necessary measures so that the information it uses
in assigning a credit rating is of sufficient quality and from sources
Moody's considers to be reliable including, when appropriate,
independent third-party sources. However, Moody's
is not an auditor and cannot in every instance independently verify or
validate information received in the rating process.
Please see ratings tab on the issuer/entity page on Moodys.com
for the last rating action and the rating history.
The date on which some Credit Ratings were first released goes back to
a time before Moody's Investors Service's Credit Ratings were fully digitized
and accurate data may not be available. Consequently, Moody's
Investors Service provides a date that it believes is the most reliable
and accurate based on the information that is available to it.
Please see the ratings disclosure page on our website www.moodys.com
for further information.
Please see the Credit Policy page on Moodys.com for the methodologies
used in determining ratings, further information on the meaning
of each rating category and the definition of default and recovery.
Sydney
Irene Kleyman
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service Pty. Ltd.
JOURNALISTS: (612) 9270-8102
SUBSCRIBERS: (612) 9270-8100
Tokyo
Koji Kumamaru
MD - Structured Finance
Structured Finance Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100
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 confirms Australian RMBS ratings after Genworth Australia confirmation