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Related Issuers
Apollo Series 2003-1E Trust
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 Euro Fund IV
Australian Residential Mortgage Securities (ARMS) II Euro Fund V
Australian Residential Mortgage Securities (ARMS) II Euro Fund VI
Australian Residential Mortgage Securities (ARMS) II Fund XI
Australian Residential Mortgage Securities (ARMS) II Fund XII
Australian Residential Mortgage Securities (ARMS) II Fund XIII
Australian Residential Mortgage Securities (ARMS) II Fund XIV
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 Global Fund I
Australian Residential Mortgage Securities (ARMS) II Low Doc Fund I
Challenger Millennium Series 2007-1E Trust
Challenger Millennium Series 2007-2L Trust
Challenger Millennium Warehouse H Trust
Crusade Euro Trust No. 1E of 2004
Crusade Euro Trust No. 1E of 2006
Crusade Euro Trust No. 1E of 2007
Crusade Global Trust No. 1 of 2007
Crusade Global Trust No. 2 of 2006
Crusade Global Trust No.1 of 2001
Crusade Global Trust No.1 of 2002
Crusade Global Trust No.1 of 2003
Crusade Global Trust No.1 of 2004
Crusade Global Trust No.1 of 2006
Crusade Global Trust No.2 of 2001
Crusade Global Trust No.2 of 2003
Crusade Global Trust No.2 of 2005
Crusade Trust No.1A of 2005
FirstMac Bond Series 1-2005 Trust
FirstMac Bond Series 1E-2006 Trust
FirstMac Bond Series 2-2005 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 2004-1
HBS Trust 2005-1E
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Interstar Millennium Series 2002-1G Trust
Interstar Millennium Series 2003-1G Trust
Interstar Millennium Series 2003-3G Trust
Interstar Millennium Series 2003-5G Trust
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Interstar Millennium Series 2004-2G Trust
Interstar Millennium Series 2004-4E Trust
Interstar Millennium Series 2005-1G Trust
Interstar Millennium Series 2005-2L Trust
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Interstar Millennium Series 2006-3L Trust
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Medallion Trust Series 2004-1G
Medallion Trust Series 2005-1G
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National RMBS Trust 2006-1
National RMBS Trust 2006-3
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Progress 2003 E-1 Trust
Progress 2003-1 Trust
Progress 2004 E-1 Trust
Progress 2004-2 Trust
Progress 2005-1 Trust
Progress 2005-2 Trust
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Puma Global Trust No.2
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PUMA Masterfund P-10 Series C
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Puma Masterfund P-11 Series B
Puma Masterfund P-12 Series A
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Series 2004-1 Torrens Trust
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Series 2005-1 Reds Trust
Series 2005-1 Torrens Trust
Series 2005-2 Reds Trust
Series 2005-2(S) TORRENS Trust
Series 2006-1E REDS Trust
Series 2006-1E SWAN Trust
Series 2007-1E REDS Trust
Series 2007-1E SWAN Trust
Series 2007-2 REDS Trust
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WB Trust 2005-1
Rating Action:

Moody's places 325 Australian RMBS tranches on review for possible downgrade

04 Feb 2008
Moody's places 325 Australian RMBS tranches on review for possible downgrade

AUD83 billion of debt securities affected

Sydney, February 04, 2008 -- Moody's Investors Service has today placed on review for possible downgrade 325 tranches totaling AUD83 billon from 144 Australian Residential Mortgage Back Securities (RMBS) transactions. The rating actions follow the placement on review for possible downgrade of PMI Mortgage Insurance Ltd (PMI) (IFSR Aa2).

These rating actions affect Australian term RMBS rated by Moody's containing mortgage loans insured by PMI. We note that depending on the proportion of loans insured by PMI, their seasoning and other structural features, a number of these transactions may see their ratings confirmed upon the conclusion of the review process.

The complete rating actions are listed below:

Apollo Series 2003-1E Trust

Class A, Currently Aaa, placed on review for possible downgrade

Apollo Series 2004-1E Trust

Class 1A, Currently Aaa, placed on review for possible downgrade

Class 2A, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Apollo Series 2004-2 Trust

Class A, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Apollo Series 2005-1E Trust

Class 1A, Currently Aaa, placed on review for possible downgrade

Class 2A, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Apollo Series 2005-2 Trust

Class A, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Apollo Series 2006-1E Trust

Class 1A, Currently Aaa, placed on review for possible downgrade

Class 2A, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Apollo Series 2007-1E Trust

Class 1A, Currently Aaa, placed on review for possible downgrade

Class 2A, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Australian Residential Mortgage Securities (ARMS) II Euro Fund IV

Class A, Currently Aaa, placed on review for possible downgrade

Australian Residential Mortgage Securities (ARMS) II Euro Fund V

Class A, Currently Aaa, placed on review for possible downgrade

Australian Residential Mortgage Securities (ARMS) II Euro Fund VI

Class A, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Australian Residential Mortgage Securities (ARMS) II Fund XI

Class A2, Currently Aaa, placed on review for possible downgrade

Australian Residential Mortgage Securities (ARMS) II Fund XII

Class A3, Currently Aaa, placed on review for possible downgrade

Australian Residential Mortgage Securities (ARMS) II Fund XIII

Class A3, Currently Aaa, placed on review for possible downgrade

Australian Residential Mortgage Securities (ARMS) II Fund XIV

Class A3, Currently Aaa, placed on review for possible downgrade

Australian Residential Mortgage Securities (ARMS) II Fund XV

Class A, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Australian Residential Mortgage Securities (ARMS) II Global Fund 2

Class A, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Australian Residential Mortgage Securities (ARMS) II Global Fund 3

Class A1 (a), Currently Aaa, placed on review for possible downgrade

Class A1 (b), Currently Aaa, placed on review for possible downgrade

Class B1 (a), Currently Aa2, placed on review for possible downgrade

Class B1 (b), Currently Aa2, placed on review for possible downgrade

Australian Residential Mortgage Securities (ARMS) II Global Fund I

Class A, Currently Aaa, placed on review for possible downgrade

Australian Residential Mortgage Securities (ARMS) II Low Doc Fund I

Class A1, Currently Aaa, placed on review for possible downgrade

Class A2, Currently Aa1, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Challenger Millennium Series 2007-1E Trust

Class A1, Currently Aaa, placed on review for possible downgrade

Class A2a, Currently Aaa, placed on review for possible downgrade

Class A2b, Currently Aaa, placed on review for possible downgrade

Class AB, Currently Aa1, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Challenger Millennium Series 2007-2L Trust

Class A, Currently Aaa, placed on review for possible downgrade

Class AB, Currently Aa1, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Challenger Millennium Warehouse H Trust

Class A, Currently Aa3, placed on review for possible downgrade

Crusade Global Trust No.1 of 2001

Class A3, Currently Aaa, placed on review for possible downgrade

Crusade Global Trust No.2 of 2001

Class A, Currently Aaa, placed on review for possible downgrade

Crusade Global Trust No.1 of 2002

Class A, Currently Aaa, placed on review for possible downgrade

Crusade Euro Trust No. 1E of 2004

Class A1, Currently Aaa, placed on review for possible downgrade

Class A2, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Class C, Currently A2, placed on review for possible downgrade

Crusade Euro Trust No. 1E of 2006

Class A1, Currently Aaa, placed on review for possible downgrade

Class A2, Currently Aaa, placed on review for possible downgrade

Crusade Euro Trust No. 1E of 2007

Class A1, Currently Aaa, placed on review for possible downgrade

Class A2, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Class C, Currently Aa3, placed on review for possible downgrade

Crusade Global Trust No. 1 of 2007

Class A1, Currently Aaa, placed on review for possible downgrade

Class A2, Currently Aaa, placed on review for possible downgrade

Class A3, Currently Aaa, placed on review for possible downgrade

Crusade Global Trust No. 2 of 2006

Class A1, Currently Aaa, placed on review for possible downgrade

Class A2, Currently Aaa, placed on review for possible downgrade

Class A3, Currently Aaa, placed on review for possible downgrade

Crusade Global Trust No.1 of 2003

Class A, Currently Aaa, placed on review for possible downgrade

Crusade Global Trust No.1 of 2004

Class A1, Currently Aaa, placed on review for possible downgrade

Class A2, Currently Aaa, placed on review for possible downgrade

Crusade Global Trust No.1 of 2006

Class A1, Currently Aaa, placed on review for possible downgrade

Class A2, Currently Aaa, placed on review for possible downgrade

Class A3, Currently Aaa, placed on review for possible downgrade

Crusade Global Trust No.2 of 2003

Class A, Currently Aaa, placed on review for possible downgrade

Crusade Global Trust No.2 of 2005

Class A1, Currently Aaa, placed on review for possible downgrade

Class A2, Currently Aaa, placed on review for possible downgrade

Crusade Trust No.1A of 2005

Class A, Currently Aaa, placed on review for possible downgrade

FirstMac Bond Series 1-2005 Trust

Class A1-1, Currently Aaa, placed on review for possible downgrade

Class A1-2, Currently Aaa, placed on review for possible downgrade

FirstMac Bond Series 1E-2006 Trust

Class A, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

FirstMac Bond Series 2-2005 Trust

Class A1, Currently Aaa, placed on review for possible downgrade

Class AB, Currently Aa1, placed on review for possible downgrade

FirstMac Bond Series 3-2005 Trust

Class A, Currently Aaa, placed on review for possible downgrade

Class AB, Currently Aa1, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

FirstMac Mortgage Funding Trust Series 1-2007

Class A, Currently Aaa, placed on review for possible downgrade

Class AB, Currently Aa1, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

FirstMac Mortgage Funding Trust Series 1E-2007

Class A1, Currently Aaa, placed on review for possible downgrade

Class A2, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

HBS Trust 2003-1E

Class A, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

HBS Trust 2004-1

Class A, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

HBS Trust 2005-1E

Class A, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

HBS Trust 2006-1

Class A, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Illawarra Series 2003-1 Trust

Class A-2, Currently Aaa, placed on review for possible downgrade

Interstar Millennium Series 2002-1G Trust

Class A2, Currently Aaa, placed on review for possible downgrade

Interstar Millennium Series 2003-1G Trust

Class A2, Currently Aaa, placed on review for possible downgrade

Interstar Millennium Series 2003-3G Trust

Class A2, Currently Aaa, placed on review for possible downgrade

Class A3, Currently Aaa, placed on review for possible downgrade

Interstar Millennium Series 2003-5G Trust

Class A2, Currently Aaa, placed on review for possible downgrade

Class A3, Currently Aaa, placed on review for possible downgrade

Class B1, Currently Aa2, placed on review for possible downgrade

Class B2, Currently Aa2, placed on review for possible downgrade

Interstar Millennium Series 2004-1E Trust

Class A2, Currently Aaa, placed on review for possible downgrade

Class AB, Currently Aa1, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Interstar Millennium Series 2004-2G Trust

Class A, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Class AB, Currently Aa1, placed on review for possible downgrade

Interstar Millennium Series 2004-4E Trust

Class A1, Currently Aaa, placed on review for possible downgrade

Class A2, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Class AB, Currently Aa1, placed on review for possible downgrade

Interstar Millennium Series 2005-1G Trust

Class A, Currently Aaa, placed on review for possible downgrade

Class AB, Currently Aa1, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Interstar Millennium Series 2005-2L Trust

Class A-1, Currently Aaa, placed on review for possible downgrade

Class A-2, Currently Aaa, placed on review for possible downgrade

Class AB, Currently Aa1, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Interstar Millennium Series 2005-3E Trust

Class A-1, Currently Aaa, placed on review for possible downgrade

Class A-2, Currently Aaa, placed on review for possible downgrade

Class AB, Currently Aa1, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Interstar Millennium Series 2006-2G Trust

Class A1, Currently Aaa, placed on review for possible downgrade

Class A2, Currently Aaa, placed on review for possible downgrade

Class AB, Currently Aa1, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Interstar Millennium Series 2006-3L Trust

Class A1, Currently Aaa, placed on review for possible downgrade

Class A2, Currently Aaa, placed on review for possible downgrade

Class AB, Currently Aa1, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Interstar Millennium Series 2006-4H

Class A1, Currently Aaa, placed on review for possible downgrade

Class A2, Currently Aaa, placed on review for possible downgrade

Class AB, Currently Aa1, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Kingfisher Trust 2001-1G

Class A, Currently Aaa, placed on review for possible downgrade

Kingfisher Trust 2004-1G

Class A, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Lion Series 2007-1 Trust

Class A, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Medallion Trust Series 2003-1G

Class A, Currently Aaa, placed on review for possible downgrade

Medallion Trust Series 2004-1G

Class A-1, Currently Aaa, placed on review for possible downgrade

Class A-2, Currently Aaa, placed on review for possible downgrade

Class A-3, Currently Aaa, placed on review for possible downgrade

Medallion Trust Series 2005-1G

Class A-1, Currently Aaa, placed on review for possible downgrade

Class A-2, Currently Aaa, placed on review for possible downgrade

Class A-3, Currently Aaa, placed on review for possible downgrade

Medallion Trust Series 2006-1G

Class A-1, Currently Aaa, placed on review for possible downgrade

Class A-2, Currently Aaa, placed on review for possible downgrade

Class A-3, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

National RMBS Trust 2004-1

Class A1, Currently Aaa, placed on review for possible downgrade

Class A2, Currently Aaa, placed on review for possible downgrade

Class A3, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

National RMBS Trust 2006-1

Class A, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

National RMBS Trust 2006-3

Class A1, Currently Aaa, placed on review for possible downgrade

Class A2, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Progress 2002-1 Trust

Class A2, Currently Aaa, placed on review for possible downgrade

Progress 2003 E-1 Trust

Class 1A, Currently Aaa, placed on review for possible downgrade

Class 2A, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Progress 2003-1 Trust

Class A2, Currently Aaa, placed on review for possible downgrade

Progress 2004 E-1 Trust

Class 1A, Currently Aaa, placed on review for possible downgrade

Class 2A, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Progress 2004-2 Trust

Class A, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Progress 2005-1 Trust

Class A, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Progress 2005-2 Trust

Class A, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Progress 2006-1 Trust

Class A, Currently Aaa, placed on review for possible downgrade

Progress 2007-1G Trust

Class 1A, Currently Aaa, placed on review for possible downgrade

Class 2A, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Puma Global Trust No.1

Class A Notes, Currently Aaa, placed on review for possible downgrade

Puma Global Trust No.2

Class A Notes, Currently Aaa, placed on review for possible downgrade

Puma Global Trust No.3

Class A Notes, Currently Aaa, placed on review for possible downgrade

Puma Global Trust No.4

Class A Notes, Currently Aaa, placed on review for possible downgrade

PUMA Global Trust No.5

Class A-1, Currently Aaa, placed on review for possible downgrade

Class A-2, Currently Aaa, placed on review for possible downgrade

Class A-3, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Puma Global Trust S-1

Class A Notes, Currently Aaa, placed on review for possible downgrade

Class B Notes, Currently Aa2, placed on review for possible downgrade

Puma Masterfund H-1

Class A, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Puma Masterfund P-10

Class A Notes, Currently Aaa, placed on review for possible downgrade

Class B Notes, Currently Aa2, placed on review for possible downgrade

PUMA Masterfund P-10 Series B

Class A Notes, Currently Aaa, placed on review for possible downgrade

Class B Notes, Currently Aa2, placed on review for possible downgrade

Puma Masterfund P-11 Series B

Class A Notes, Currently Aaa, placed on review for possible downgrade

Class B Notes, Currently Aa2, placed on review for possible downgrade

Puma Masterfund P-12 Series A

Class A Notes, Currently Aaa, placed on review for possible downgrade

Class B Notes, Currently Aa2, placed on review for possible downgrade

PUMA Masterfund P-10 Series C

Class A Notes, Currently Aaa, placed on review for possible downgrade

Class B Notes, Currently Aa2, placed on review for possible downgrade

PUMA Masterfund P-11 Series A

Class A, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

PUMA Masterfund P-12 Series B

Class A, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

PUMA Masterfund P-13 Series A

Class A, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Puma Masterfund P-8

Class A-2 Notes, Currently Aaa, placed on review for possible downgrade

PUMA Masterfund P-8 Series B

Class A-2 Notes, Currently Aaa, placed on review for possible downgrade

Puma Masterfund P-9

Class A-2, Currently Aaa, placed on review for possible downgrade

PUMA Masterfund S-2 Series A

Class A Notes, Currently Aaa, placed on review for possible downgrade

Class B Notes, Currently Aa2, placed on review for possible downgrade

Puma Masterfund S-3

Class A, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

PUMA Masterfund S-4

Class A, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

PUMA Masterfund S-5

Class B, Currently Aa2, placed on review for possible downgrade

RAMS Mortgage Corporation Ltd Series 1

Class A3, Currently Aaa, placed on review for possible downgrade

RAMS Mortgage Corporation Ltd Series 11

Class A3, Currently Aaa, placed on review for possible downgrade

RAMS MORTGAGE SECURITIES TRUST in respect of Series 2006-1

Class A, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Class AB, Currently Aa1, placed on review for possible downgrade

RAMS Mortgage Securities Trust in respect of Series 2007-1HE

Class A, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Class AB, Currently Aa1, placed on review for possible downgrade

RAMS Mortgage Securities Trust in respect of the Series 2007-2H

Class A, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Class AB, Currently Aa1, placed on review for possible downgrade

RAMS Mortgage Securities Trust Series 2007-3

Class A, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Class AB, Currently Aa1, placed on review for possible downgrade

RAMS Mortgage Securities Trust Series UniCredit (1)

Class A, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

RMS Trust 2002-1

Class A3, Currently Aaa, placed on review for possible downgrade

RBS Trust 2003-1

Super Senior, Currently Aaa, placed on review for possible downgrade

Class A, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

RBS Trust 2004-1

Super Senior Notes, Currently Aaa, placed on review for possible downgrade

Class A, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

RBS Trust 2005-1

Class A, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

RBS Trust 2007-1

Class A, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Resimac Premier Euro 2003-1 Trust

Class 1A, Currently Aaa, placed on review for possible downgrade

Class 2A, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Resimac Premier Euro 2004-1E Trust

Class 1A, Currently Aaa, placed on review for possible downgrade

Class 2A, Currently Aaa, placed on review for possible downgrade

Class 1B, Currently Aa2, placed on review for possible downgrade

Resimac Premier Euro 2004-2E Trust

Class 1A1, Currently Aaa, placed on review for possible downgrade

Class 1A2, Currently Aaa, placed on review for possible downgrade

Class 2A, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

RESIMAC Premier Euro 2005-1E Trust

Class 1A, Currently Aaa, placed on review for possible downgrade

Class 2A, Currently Aaa, placed on review for possible downgrade

Class 2B, Currently Aa2, placed on review for possible downgrade

Resimac Premier Euro 2006-1E Trust

Class 1A, Currently Aaa, placed on review for possible downgrade

Class 2A, Currently Aaa, placed on review for possible downgrade

Class 2B, Currently Aa2, placed on review for possible downgrade

RMS Trust 2003-1E

Class 1A, Currently Aaa, placed on review for possible downgrade

Class 2A, Currently Aaa, placed on review for possible downgrade

Class 1B, Currently Aa2, placed on review for possible downgrade

RMS Trust 2004-1E

Class A1, Currently Aaa, placed on review for possible downgrade

Class A2, Currently Aaa, placed on review for possible downgrade

Series 2001-1G Medallion Trust

Class A1, Currently Aaa, placed on review for possible downgrade

Class A2, Currently Aaa, placed on review for possible downgrade

Series 2002-1G Medallion Trust

Class A1, Currently Aaa, placed on review for possible downgrade

Class A2, Currently Aaa, placed on review for possible downgrade

Series 2002-1G WST Trust

Class A, Currently Aaa, placed on review for possible downgrade

Series 2002-1 Torrens Trust

Class A2, Currently Aaa, placed on review for possible downgrade

Series 2003-1 Torrens Trust

Class A-2, Currently Aaa, placed on review for possible downgrade

Series 2004-1 Torrens Trust

Class A1, Currently Aaa, placed on review for possible downgrade

Class A2, Currently Aaa, placed on review for possible downgrade

Series 2004-2(W) Torrens Trust

Class A-2, Currently Aaa, placed on review for possible downgrade

Series 2005-1 Reds Trust

Class A-1, Currently Aaa, placed on review for possible downgrade

Class A-2, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Series 2001-1 Torrens Trust

Class A-2, Currently Aaa, placed on review for possible downgrade

Series 2005-1 Torrens Trust

Class A-1, Currently Aaa, placed on review for possible downgrade

Class A-2, Currently Aaa, placed on review for possible downgrade

Series 2005-2 Reds Trust

Class A-1, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Series 2005-2(S) TORRENS Trust

Class A, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Series 2006-1E REDS Trust

Class A-1, Currently Aaa, placed on review for possible downgrade

Class A-2, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Series 2002-1E Swan Trust

Class A, Currently Aaa, placed on review for possible downgrade

Series 2006-1E SWAN Trust

Class A1, Currently Aaa, placed on review for possible downgrade

Class A2, Currently Aaa, placed on review for possible downgrade

Class A3, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Series 2007-1E REDS Trust

Class A-1, Currently Aaa, placed on review for possible downgrade

Class A-2, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Series 2007-1E SWAN Trust

Class A1, Currently Aaa, placed on review for possible downgrade

Class A2, Currently Aaa, placed on review for possible downgrade

Class A3, Currently Aaa, placed on review for possible downgrade

Class A4, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Series 2007-2 REDS Trust

Class B, Currently Aa2, placed on review for possible downgrade

TORRENS Series 2005-3(E) Trust

Class A-1, Currently Aaa, placed on review for possible downgrade

Class A-2, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

TORRENS Series 2006-1(E) Trust

Class A-1, Currently Aaa, placed on review for possible downgrade

Class A-2, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

TORRENS Series 2007-1 Trust

Class B, Currently Aa2, placed on review for possible downgrade

Unity Series 2003-1 Trust

Class A, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Class AB, Currently Aa1, placed on review for possible downgrade

WB Trust 2003-1

Class A, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa1, placed on review for possible downgrade

Class C, Currently A1, placed on review for possible downgrade

Super Senior, Currently Aaa, placed on review for possible downgrade

WB Trust 2004-1

Class A, Currently Aaa, placed on review for possible downgrade

Class B, Currently Aa2, placed on review for possible downgrade

Class C, Currently A1, placed on review for possible downgrade

Class D, Currently Baa1, placed on review for possible downgrade

WB Trust 2005-1

Class A, Currently Aaa, placed 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
Henry Charpentier
Managing Director
Structured Finance Group
Moody's Investors Service Pty Ltd
JOURNALISTS: (612) 9270-8102
SUBSCRIBERS: (612) 9270-8100

Sydney
Arthur Karabatsos
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service Pty Ltd
JOURNALISTS: (612) 9270-8102
SUBSCRIBERS: (612) 9270-8100

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© 2019 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 ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S 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 RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S 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. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S 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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