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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 IV

Australian Residential Mortgage Securities (ARMS) II Fund XI

Australian Residential Mortgage Securities (ARMS) II Fund XIII

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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

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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

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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

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 2006-2G Trust

Interstar Millennium Series 2006-3L Trust

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Kingfisher Trust 2004-1G

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Medallion Trust Series 2004-1G

Medallion Trust Series 2005-1G

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National RMBS Trust 2004-1

National RMBS Trust 2006-1

National RMBS Trust 2006-3

Progress 2002-1 Trust

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Progress 2004-2 Trust

Progress 2005-1 Trust

Progress 2005-2 Trust

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Related Research

	Rating Action: Moody's upgrades the rating on the Class A2 notes from Interstar Millennium Series 2004-1E Trust
	Rating Action: Moody's upgrades ratings on two notes from Interstar Millennium Series 2003-3G Trust
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Rating Action:

Moody's releases review outcome for Australian RMBS

26 Feb 2008

Ratings confirmed on 210 tranches, 115 tranches identified as sensitive to mortgage insurer rating action

Sydney, February 26, 2008 -- Moody's Investors Service has today released the results of its review of the Australian Residential Mortgage Backed Securities (RMBS) initiated on February 4, 2008. The review followed the placement on review for possible downgrade of PMI Mortgage Insurance Ltd (PMI) (IFSR Aa2), a major provider of mortgage insurance to Australian RMBS. In total, 325 tranches - totaling AUD83 billion - from 145 separate transactions were placed on review for possible downgrade.

The review covered Australian term RMBS which are rated by Moody's and contain mortgage loans insured by PMI. It considered the proportion of loans insured by PMI, current subordination levels, seasoning and other structural features.

Moody's has identified three groups of securities:

(1) Securities with ratings independent of PMI's rating. These are the senior and mezzanine tranches exhibiting current subordination levels in excess of the current gross subordination required to maintain their ratings. Moody's has today confirmed the ratings of the 188 senior tranches and 22 mezzanine tranches falling into this category. They represent 78% by value of the notes placed under review on last February 4.

(2) Securities with ratings that can withstand a downgrade of PMI but may be negatively affected in the event of a more severe rating action. These are senior and mezzanine tranches, characterized by a relatively high proportion of PMI-insured mortgage loans within the underlying portfolios and insufficient note subordination to achieve a complete delinkage from PMI. 20 senior tranches and 3 mezzanine tranches representing 18.65% of notes under review by value fall into this category. Moody's has classified them into groups according to the lowest rating of PMI the current rating of the tranche may withstand. Moody's has retained these securities on review for possible downgrade pending outcome of the PMI rating review.

(3) Securities with ratings that will come under pressure in the event of any PMI downgrade. These are junior tranches whose ratings are highly correlated to the ratings of the mortgage insurers. 92 tranches representing 3.35% of notes under review by value fall into this category. Moody's has retained these securities on review for possible downgrade pending outcome of the PMI rating review.

Moody's will seek to provide further guidance to the market with regard to securities retained on review as soon as the review of PMI is concluded.

The complete rating action for group 1 is as follows:

Senior Aaa's tranches confirmed are:

Apollo Series 2003-1E Trust, Class A, Aaa rating confirmed

Apollo Series 2004-1E Trust, Class 1A, Aaa rating confirmed

Apollo Series 2004-1E Trust, Class 2A, Aaa rating confirmed

Apollo Series 2004-2 Trust, Class A, Aaa rating confirmed

Apollo Series 2005-1E Trust, Class 1A, Aaa rating confirmed

Apollo Series 2005-1E Trust, Class 2A, Aaa rating confirmed

Apollo Series 2005-2 Trust, Class A, Aaa rating confirmed

Apollo Series 2006-1E Trust, Class 1A, Aaa rating confirmed

Apollo Series 2006-1E Trust, Class 2A, Aaa rating confirmed

Australian Residential Mortgage Securities (ARMS) II Euro Fund IV, Class A, Aaa rating confirmed

Australian Residential Mortgage Securities (ARMS) II Euro Fund V, Class A, Aaa rating confirmed

Australian Residential Mortgage Securities (ARMS) II Euro Fund VI, Class A, Aaa rating confirmed

Australian Residential Mortgage Securities (ARMS) II Fund XI, Class A2, Aaa rating confirmed

Australian Residential Mortgage Securities (ARMS) II Fund XII, Class A3, Aaa rating confirmed

Australian Residential Mortgage Securities (ARMS) II Fund XIII, Class A3, Aaa rating confirmed

Australian Residential Mortgage Securities (ARMS) II Fund XIV, Class A3, Aaa rating confirmed

Australian Residential Mortgage Securities (ARMS) II Fund XV, Class A, Aaa rating confirmed

Australian Residential Mortgage Securities (ARMS) II Global Fund 2, Class A, Aaa rating confirmed

Australian Residential Mortgage Securities (ARMS) II Global Fund 3, Class A-1(a), Aaa rating confirmed

Australian Residential Mortgage Securities (ARMS) II Global Fund 3, Class A-1(b), Aaa rating confirmed

Australian Residential Mortgage Securities (ARMS) II Global Fund I, Class A, Aaa rating confirmed

Australian Residential Mortgage Securities (ARMS) II Low Doc Fund I, Class A-1, Aaa rating confirmed

Challenger Millennium Series 2007-1E Trust, Class A1, Aaa rating confirmed

Challenger Millennium Series 2007-1E Trust, Class A2a, Aaa rating confirmed

Challenger Millennium Series 2007-1E Trust, Class A2b, Aaa rating confirmed

Challenger Millennium Series 2007-2L Trust, Class A, Aaa rating confirmed

Crusade Euro Trust No. 1E of 2004, Class A1, Aaa rating confirmed

Crusade Euro Trust No. 1E of 2004, Class A2, Aaa rating confirmed

Crusade Euro Trust No. 1E of 2006, Class A1, Aaa rating confirmed

Crusade Euro Trust No. 1E of 2006, Class A2, Aaa rating confirmed

Crusade Global Trust No.1 of 2001, Class A-3, Aaa rating confirmed

Crusade Global Trust No.1 of 2002, Class A, Aaa rating confirmed

Crusade Global Trust No.1 of 2003, Class A, Aaa rating confirmed

Crusade Global Trust No.1 of 2004, Class A-1, Aaa rating confirmed

Crusade Global Trust No.1 of 2004, Class A-2, Aaa rating confirmed

Crusade Global Trust No.1 of 2006, Class A-1, Aaa rating confirmed

Crusade Global Trust No.1 of 2006, Class A-2, Aaa rating confirmed

Crusade Global Trust No.1 of 2006, Class A-3, Aaa rating confirmed

Crusade Global Trust No.2 of 2001, Class A, Aaa rating confirmed

Crusade Global Trust No.2 of 2003, Class A, Aaa rating confirmed

Crusade Global Trust No.2 of 2005, Class A-1, Aaa rating confirmed

Crusade Global Trust No.2 of 2005, Class A-2, Aaa rating confirmed

Crusade Trust No.1A of 2005, Class A, Aaa rating confirmed

FirstMac Bond Series 1-2005 Trust, Class A1-1, Aaa rating confirmed

FirstMac Bond Series 1-2005 Trust, Class A1-2, Aaa rating confirmed

FirstMac Bond Series 1E-2006 Trust, Notes, Aaa rating confirmed

FirstMac Bond Series 2-2005 Trust, Class A1, Aaa rating confirmed

FirstMac Bond Series 3-2005 Trust, Class A, Aaa rating confirmed

FirstMac Mortgage Funding Trust Series 1-2007, Class A, Aaa rating confirmed

FirstMac Mortgage Funding Trust Series 1E-2007, Class A1, Aaa rating confirmed

FirstMac Mortgage Funding Trust Series 1E-2007, Class A2, Aaa rating confirmed

HBS Trust 2003-1E, Class A, Aaa rating confirmed

HBS Trust 2004-1, Class A, Aaa rating confirmed

HBS Trust 2005-1E, Class A, Aaa rating confirmed

Illawarra Series 2003-1 Trust, Class A-2, Aaa rating confirmed

Interstar Millennium Series 2002-1G Trust, Class A2, Aaa rating confirmed

Interstar Millennium Series 2003-1G Trust, Class A2, Aaa rating confirmed

Interstar Millennium Series 2003-3G Trust, Class A2, Aaa rating confirmed

Interstar Millennium Series 2003-3G Trust, Class A3, Aaa rating confirmed

Interstar Millennium Series 2003-5G Trust, Class A2, Aaa rating confirmed

Interstar Millennium Series 2003-5G Trust, Class A3, Aaa rating confirmed

Interstar Millennium Series 2004-1E Trust, Class A2, Aaa rating confirmed

Interstar Millennium Series 2004-2G Trust, Class A, Aaa rating confirmed

Interstar Millennium Series 2004-4E Trust, Class A1, Aaa rating confirmed

Interstar Millennium Series 2004-4E Trust, Class A2, Aaa rating confirmed

Interstar Millennium Series 2005-1G Trust, Class A, Aaa rating confirmed

Interstar Millennium Series 2005-2L Trust, Class A-1, Aaa rating confirmed

Interstar Millennium Series 2005-2L Trust, Class A-2, Aaa rating confirmed

Interstar Millennium Series 2005-3E Trust, Class A-1, Aaa rating confirmed

Interstar Millennium Series 2005-3E Trust, Class A-2, Aaa rating confirmed

Interstar Millennium Series 2006-2G Trust, Class A1, Aaa rating confirmed

Interstar Millennium Series 2006-2G Trust, Class A2, Aaa rating confirmed

Interstar Millennium Series 2006-3L Trust, Class A1, Aaa rating confirmed

Interstar Millennium Series 2006-3L Trust, Class A2, Aaa rating confirmed

Interstar Millennium Series 2006-4H, Class A1, Aaa rating confirmed

Interstar Millennium Series 2006-4H, Class A2, Aaa rating confirmed

Kingfisher Trust 2001-1G, Class A, Aaa rating confirmed

Kingfisher Trust 2004-1G, Class A, Aaa rating confirmed

Medallion Trust Series 2003-1G, Class A, Aaa rating confirmed

Medallion Trust Series 2004-1G, Class A-1, Aaa rating confirmed

Medallion Trust Series 2004-1G, Class A-2, Aaa rating confirmed

Medallion Trust Series 2004-1G, Class A-3, Aaa rating confirmed

Medallion Trust Series 2005-1G, Class A-1, Aaa rating confirmed

Medallion Trust Series 2005-1G, Class A-2, Aaa rating confirmed

Medallion Trust Series 2005-1G, Class A-3, Aaa rating confirmed

Medallion Trust Series 2006-1G, Class A-1, Aaa rating confirmed

Medallion Trust Series 2006-1G, Class A-2, Aaa rating confirmed

Medallion Trust Series 2006-1G, Class A-3, Aaa rating confirmed

National RMBS Trust 2004-1, Class A1, Aaa rating confirmed

National RMBS Trust 2004-1, Class A2, Aaa rating confirmed

National RMBS Trust 2004-1, Class A3, Aaa rating confirmed

National RMBS Trust 2006-3, Class A1, Aaa rating confirmed

National RMBS Trust 2006-3, Class A2, Aaa rating confirmed

Progress 2002-1 Trust, Class A2, Aaa rating confirmed

Progress 2003 E-1 Trust, Class 1A, Aaa rating confirmed

Progress 2003 E-1 Trust, Class 2A, Aaa rating confirmed

Progress 2003-1 Trust, Class A2, Aaa rating confirmed

Progress 2004 E-1 Trust, Class 1A, Aaa rating confirmed

Progress 2004 E-1 Trust, Class 2A, Aaa rating confirmed

Progress 2004-2 Trust, Class A, Aaa rating confirmed

Progress 2005-1 Trust, Class A, Aaa rating confirmed

Progress 2005-2 Trust, Class A, Aaa rating confirmed

Progress 2006-1 Trust, Class A, Aaa rating confirmed

Progress 2007-1G Trust, Class 1A, Aaa rating confirmed

Progress 2007-1G Trust, Class 2A, Aaa rating confirmed

Puma Global Trust No.1, Class A, Aaa rating confirmed

Puma Global Trust No.2, Class A, Aaa rating confirmed

Puma Global Trust No.3, Class A, Aaa rating confirmed

Puma Global Trust No.4, Class A, Aaa rating confirmed

PUMA Global Trust No.5, Class A-1, Aaa rating confirmed

PUMA Global Trust No.5, Class A-2, Aaa rating confirmed

PUMA Global Trust No.5, Class A-3, Aaa rating confirmed

Puma Global Trust S-1, Class A, Aaa rating confirmed

Puma Masterfund H-1, Class A, Aaa rating confirmed

PUMA Masterfund P-10 Series B, Class A, Aaa rating confirmed

PUMA Masterfund P-10 Series C, Class A , Aaa rating confirmed

Puma Masterfund P-10, Class A, Aaa rating confirmed

PUMA Masterfund P-11 Series A, Class A, Aaa rating confirmed

Puma Masterfund P-11 Series B, Class A, Aaa rating confirmed

PUMA Masterfund P-13 Series A, Class A, Aaa rating confirmed

PUMA Masterfund P-8 Series B, Class A-2, Aaa rating confirmed

Puma Masterfund P-8, Class A-2, Aaa rating confirmed

Puma Masterfund P-9, Class A-2, Aaa rating confirmed

PUMA Masterfund S-2 Series A, Class A, Aaa rating confirmed

Puma Masterfund S-3, Class A, Aaa rating confirmed

PUMA Masterfund S-4, Class A, Aaa rating confirmed

RAMS Mortgage Corporation Ltd Series 1, Cl. A, Aaa rating confirmed

RAMS Mortgage Corporation Ltd Series 11, Class A3, Aaa rating confirmed

RAMS MORTGAGE SECURITIES TRUST in respect of Series 2006-1, Class A, Aaa rating confirmed

RAMS Mortgage Securities Trust in respect of Series 2007-1HE, Class A, Aaa rating confirmed

RAMS Mortgage Securities Trust in respect of the Series 2007-2H, Class A, Aaa rating confirmed

RAMS Mortgage Securities Trust Series 2007-3, Class A, Aaa rating confirmed

RBS Trust 2003-1, Class A, Aaa rating confirmed

RBS Trust 2003-1, Super Senior, Aaa rating confirmed

RBS Trust 2004-1, Class A, Aaa rating confirmed

RBS Trust 2004-1, Super Senior Notes, Aaa rating confirmed

RBS Trust 2005-1, Class A, Aaa rating confirmed

RBS Trust 2007-1, Class A, Aaa rating confirmed

Resimac Premier Euro 2003-1 Trust, 1A, Aaa rating confirmed

Resimac Premier Euro 2003-1 Trust, 2A, Aaa rating confirmed

Resimac Premier Euro 2004-1E Trust, Class 1A, Aaa rating confirmed

Resimac Premier Euro 2004-1E Trust, Class 2A, Aaa rating confirmed

Resimac Premier Euro 2004-2E Trust, Class 1A1, Aaa rating confirmed

Resimac Premier Euro 2004-2E Trust, Class 1A2, Aaa rating confirmed

Resimac Premier Euro 2004-2E Trust, Class 2A, Aaa rating confirmed

RESIMAC Premier Euro 2005-1E Trust, Class 1A, Aaa rating confirmed

RESIMAC Premier Euro 2005-1E Trust, Class 2A, Aaa rating confirmed

Resimac Premier Euro 2006-1E Trust, Class 1A, Aaa rating confirmed

Resimac Premier Euro 2006-1E Trust, Class 2A, Aaa rating confirmed

RMS Trust 2002-1, Class A3, Aaa rating confirmed

RMS Trust 2003-1E, Class 1A, Aaa rating confirmed

RMS Trust 2003-1E, Class 2A, Aaa rating confirmed

RMS Trust 2004-1E, Class A1, Aaa rating confirmed

RMS Trust 2004-1E, Class A2, Aaa rating confirmed

Series 2001-1 Torrens Trust, Class A-2, Aaa rating confirmed

Series 2001-1G Medallion Trust, Class A-1, Aaa rating confirmed

Series 2001-1G Medallion Trust, Class A2 -Tranche 2, Aaa rating confirmed

Series 2002-1 Torrens Trust, Class A-2, Aaa rating confirmed

Series 2002-1E Swan Trust, Class A, Aaa rating confirmed

Series 2002-1G Medallion Trust, Class A-1, Aaa rating confirmed

Series 2002-1G Medallion Trust, Class A2 -Tranche 2, Aaa rating confirmed

Series 2002-1G WST Trust, Class A, Aaa rating confirmed

Series 2003-1 Torrens Trust, Class A-2, Aaa rating confirmed

Series 2004-1 Torrens Trust, Class A-1, Aaa rating confirmed

Series 2004-1 Torrens Trust, Class A-2, Aaa rating confirmed

Series 2004-2(W) Torrens Trust, Class A-2, Aaa rating confirmed

Series 2005-1 Reds Trust, Class A-1, Aaa rating confirmed

Series 2005-1 Reds Trust, Class A-2, Aaa rating confirmed

Series 2005-1 Torrens Trust, Class A-1, Aaa rating confirmed

Series 2005-1 Torrens Trust, Class A-2, Aaa rating confirmed

Series 2005-2 Reds Trust, Class A-1, Aaa rating confirmed

Series 2005-2(S) TORRENS Trust, Class A, Aaa rating confirmed

Series 2006-1E REDS Trust, Class A-1, Aaa rating confirmed

Series 2006-1E REDS Trust, Class A-2, Aaa rating confirmed

Series 2006-1E SWAN Trust, Class A1, Aaa rating confirmed

Series 2006-1E SWAN Trust, Class A2, Aaa rating confirmed

Series 2006-1E SWAN Trust, Class A3, Aaa rating confirmed

Series 2007-1E REDS Trust, Class A-1, Aaa rating confirmed

Series 2007-1E REDS Trust, Class A-2, Aaa rating confirmed

TORRENS Series 2005-3(E) Trust, Class A-1, Aaa rating confirmed

TORRENS Series 2005-3(E) Trust, Class A-2, Aaa rating confirmed

TORRENS Series 2006-1(E) Trust, Class A-1, Aaa rating confirmed

TORRENS Series 2006-1(E) Trust, Class A-2, Aaa rating confirmed

Unity Series 2003-1 Trust, Class A, Aaa rating confirmed

WB Trust 2003-1, Class A, Aaa rating confirmed

WB Trust 2003-1, Super Senior, Aaa rating confirmed

WB Trust 2004-1, Class A, Aaa rating confirmed

WB Trust 2005-1, Class A, Aaa rating confirmed

Mezzanine tranches confirmed are:

Australian Residential Mortgage Securities (ARMS) II Low Doc Fund I, Class A-2, Aa1 rating confirmed

Challenger Millennium Series 2007-1E Trust, Class AB, Aa1 rating confirmed

Challenger Millennium Series 2007-2L Trust, Class AB, Aa1 rating confirmed

Crusade Euro Trust No. 1E of 2004, Class B, Aa2 rating confirmed

FirstMac Bond Series 2-2005 Trust, Class AB, Aa1 rating confirmed

FirstMac Bond Series 3-2005 Trust, Class AB, Aa1 rating confirmed

FirstMac Mortgage Funding Trust Series 1-2007, Class AB, Aa1 rating confirmed

Interstar Millennium Series 2004-1E Trust, Class AB, Aa1 rating confirmed

Interstar Millennium Series 2004-2G Trust, Class AB, Aa1 rating confirmed

Interstar Millennium Series 2004-4E Trust, Class AB, Aa1 rating confirmed

Interstar Millennium Series 2005-1G Trust, Class AB, Aa1 rating confirmed

Interstar Millennium Series 2005-2L Trust, Class AB, Aa1 rating confirmed

Interstar Millennium Series 2005-3E Trust, Class AB, Aa1 rating confirmed

Interstar Millennium Series 2006-2G Trust, Class AB, Aa1 rating confirmed

Interstar Millennium Series 2006-3L Trust, Class AB, Aa1 rating confirmed

Interstar Millennium Series 2006-4H, Class AB, Aa1 rating confirmed

RAMS Mortgage Securities Trust in respect of Series 2007-1HE, Class AB, Aa1 rating confirmed

RAMS Mortgage Securities Trust in respect of the Series 2007-2H, Class AB, Aa1 rating confirmed

Unity Series 2003-1 Trust, Class AB, Aa1 rating confirmed

WB Trust 2003-1, Class B, Aa1 rating confirmed

WB Trust 2004-1, Class B, Aa2 rating confirmed

WB Trust 2004-1, Class C, A1 rating confirmed

The complete rating action for group 2 is as follows:

Securities able to withstand PMI downgrade to A1:

Crusade Euro Trust No. 1E of 2007, Class A-1, currently rated Aaa, on review for possible downgrade

Crusade Euro Trust No. 1E of 2007, Class A-2, currently rated Aaa, on review for possible downgrade

Lion Series 2007-1 Trust, Class A, currently rated Aaa, on review for possible downgrade

RAMS Mortgage Securities Trust Series 2007-3, Class AB, currently rated Aa1, on review for possible downgrade

RAMS Mortgage Securities Trust Series UniCredit (1), Class A, currently rated Aaa, on review for possible downgrade

Securities able to withstand PMI downgrade to A2:

National RMBS Trust 2006-1, Class A, currently rated Aaa, on review for possible downgrade

Series 2007-1E SWAN Trust, Class A1, currently rated Aaa, on review for possible downgrade

Series 2007-1E SWAN Trust, Class A2, currently rated Aaa, on review for possible downgrade

Series 2007-1E SWAN Trust, Class A3, currently rated Aaa, on review for possible downgrade

Series 2007-1E SWAN Trust, Class A4, currently rated Aaa, on review for possible downgrade

Securities able to withstand PMI downgrade to A3:

Apollo Series 2007-1E Trust, Class 1A, currently rated Aaa, on review for possible downgrade

Apollo Series 2007-1E Trust, Class 2A, currently rated Aaa, on review for possible downgrade

Crusade Euro Trust No. 1E of 2007, Class B, currently rated Aa2, on review for possible downgrade

Securities able to withstand PMI downgrade to Baa1:

Crusade Global Trust No. 1 of 2007, Class A-1, currently rated Aaa, on review for possible downgrade

Crusade Global Trust No. 1 of 2007, Class A-2, currently rated Aaa, on review for possible downgrade

Crusade Global Trust No. 1 of 2007, Class A-3, currently rated Aaa, on review for possible downgrade

Securities able to withstand PMI downgrade to Baa2:

RAMS MORTGAGE SECURITIES TRUST in respect of Series 2006-1, Class AB, currently rated Aa1, on review for possible downgrade

Securities able to withstand PMI downgrade to Baa3:

Crusade Global Trust No. 2 of 2006, Class A-1, currently rated Aaa, on review for possible downgrade

Crusade Global Trust No. 2 of 2006, Class A-2, currently rated Aaa, on review for possible downgrade

Crusade Global Trust No. 2 of 2006, Class A-3, currently rated Aaa, on review for possible downgrade

HBS Trust 2006-1, Class A, currently rated Aaa, on review for possible downgrade

Puma Masterfund P-12 Series A, Class A, currently rated Aaa, on review for possible downgrade

PUMA Masterfund P-12 Series B, Class A, currently rated Aaa, on review for possible downgrade

The complete rating action for group 3 is as follows:

Apollo Series 2004-1E Trust, Class B, currently rated Aa2, on review for possible downgrade

Apollo Series 2004-2 Trust, Class B, currently rated Aa2, on review for possible downgrade

Apollo Series 2005-1E Trust, Class B, currently rated Aa2, on review for possible downgrade

Apollo Series 2005-2 Trust, Class B, currently rated Aa2, on review for possible downgrade

Apollo Series 2006-1E Trust, Class B, currently rated Aa2, on review for possible downgrade

Apollo Series 2007-1E Trust, Class B, currently rated Aa2, on review for possible downgrade

Australian Residential Mortgage Securities (ARMS) II Euro Fund VI, Class B, currently rated Aa2, on review for possible downgrade

Australian Residential Mortgage Securities (ARMS) II Fund XV, Class B, currently rated Aa2, on review for possible downgrade

Australian Residential Mortgage Securities (ARMS) II Global Fund 2, Class B, currently rated Aa2, on review for possible downgrade

Australian Residential Mortgage Securities (ARMS) II Global Fund 3, Class B-1(a), currently rated Aa2, on review for possible downgrade

Australian Residential Mortgage Securities (ARMS) II Global Fund 3, Class B-1(b), currently rated Aa2, on review for possible downgrade

Australian Residential Mortgage Securities (ARMS) II Low Doc Fund I, Class B, currently rated Aa2, on review for possible downgrade

Challenger Millennium Series 2007-1E Trust, Class B, currently rated Aa2, on review for possible downgrade

Challenger Millennium Series 2007-2L Trust, Class B, currently rated Aa2, on review for possible downgrade

Challenger Millennium Warehouse H Trust, Class A, currently rated Aa3, on review for possible downgrade

Crusade Euro Trust No. 1E of 2004, Class C, currently rated A2, on review for possible downgrade

Crusade Euro Trust No. 1E of 2007, Class C, currently rated Aa3, on review for possible downgrade

FirstMac Bond Series 1E-2006 Trust, Class B, currently rated Aa2, on review for possible downgrade

FirstMac Bond Series 3-2005 Trust, Class B, currently rated Aa2, on review for possible downgrade

FirstMac Mortgage Funding Trust Series 1-2007, Class B, currently rated Aa2, on review for possible downgrade

FirstMac Mortgage Funding Trust Series 1E-2007, Class B , currently rated Aa2, on review for possible downgrade

HBS Trust 2003-1E, Class B, currently rated Aa2, on review for possible downgrade

HBS Trust 2004-1, Class B, currently rated Aa2, on review for possible downgrade

HBS Trust 2005-1E, Class B, currently rated Aa2, on review for possible downgrade

HBS Trust 2006-1, Class B, currently rated Aa2, on review for possible downgrade

Interstar Millennium Series 2003-5G Trust, Class B1, currently rated Aa2, on review for possible downgrade

Interstar Millennium Series 2003-5G Trust, Class B2, currently rated Aa2, on review for possible downgrade

Interstar Millennium Series 2004-1E Trust, Class B, currently rated Aa2, on review for possible downgrade

Interstar Millennium Series 2004-2G Trust, Class B, currently rated Aa2, on review for possible downgrade

Interstar Millennium Series 2004-4E Trust, Class B, currently rated Aa2, on review for possible downgrade

Interstar Millennium Series 2005-1G Trust, Class B, currently rated Aa2, on review for possible downgrade

Interstar Millennium Series 2005-2L Trust, Class B, currently rated Aa2, on review for possible downgrade

Interstar Millennium Series 2005-3E Trust, Class B, currently rated Aa2, on review for possible downgrade

Interstar Millennium Series 2006-2G Trust, Class B, currently rated Aa2, on review for possible downgrade

Interstar Millennium Series 2006-3L Trust, Class B, currently rated Aa2, on review for possible downgrade

Interstar Millennium Series 2006-4H, Class B, currently rated Aa2, on review for possible downgrade

Kingfisher Trust 2004-1G, Class B, currently rated Aa2, on review for possible downgrade

Lion Series 2007-1 Trust, Class B, currently rated Aa2, on review for possible downgrade

Medallion Trust Series 2006-1G, Class B, currently rated Aa2, on review for possible downgrade

National RMBS Trust 2004-1, Class B, currently rated Aa2, on review for possible downgrade

National RMBS Trust 2006-1, Class B, currently rated Aa2, on review for possible downgrade

National RMBS Trust 2006-3, Class B, currently rated Aa2, on review for possible downgrade

Progress 2003 E-1 Trust, Class B, currently rated Aa2, on review for possible downgrade

Progress 2004 E-1 Trust, Class B, currently rated Aa2, on review for possible downgrade

Progress 2004-2 Trust, Class B, currently rated Aa2, on review for possible downgrade

Progress 2005-1 Trust, Class B, currently rated Aa2, on review for possible downgrade

Progress 2005-2 Trust, Class B, currently rated Aa2, on review for possible downgrade

Progress 2006-1 Trust, Class B, currently rated Aa2, on review for possible downgrade

Progress 2007-1G Trust, Class B, currently rated Aa2, on review for possible downgrade

PUMA Global Trust No.5, Class B, currently rated Aa2, on review for possible downgrade

Puma Global Trust S-1, Class B, currently rated Aa2, on review for possible downgrade

Puma Masterfund H-1, Class B, currently rated Aa2, on review for possible downgrade

PUMA Masterfund P-10 Series B, Class B, currently rated Aa2, on review for possible downgrade

PUMA Masterfund P-10 Series C, Class B, currently rated Aa2, on review for possible downgrade

Puma Masterfund P-10, Class B, currently rated Aa2, on review for possible downgrade

PUMA Masterfund P-11 Series A, Class B, currently rated Aa2, on review for possible downgrade

Puma Masterfund P-11 Series B, Class B, currently rated Aa2, on review for possible downgrade

Puma Masterfund P-12 Series A, Class B, currently rated Aa2, on review for possible downgrade

PUMA Masterfund P-12 Series B, Class B, currently rated Aa2, on review for possible downgrade

PUMA Masterfund P-13 Series A, Class B, currently rated Aa2, on review for possible downgrade

PUMA Masterfund S-2 Series A, Class B, currently rated Aa2, on review for possible downgrade

Puma Masterfund S-3, Class B, currently rated Aa2, on review for possible downgrade

PUMA Masterfund S-4, Class B, currently rated Aa2, on review for possible downgrade

PUMA Masterfund S-5, Class B, currently rated Aa2, on review for possible downgrade

RAMS MORTGAGE SECURITIES TRUST in respect of Series 2006-1, Class B, currently rated Aa2, on review for possible downgrade

RAMS Mortgage Securities Trust in respect of Series 2007-1HE, Class B, currently rated Aa2, on review for possible downgrade

RAMS Mortgage Securities Trust in respect of the Series 2007-2H, Class B, currently rated Aa2, on review for possible downgrade

RAMS Mortgage Securities Trust Series 2007-3, Class B, currently rated Aa2, on review for possible downgrade

RAMS Mortgage Securities Trust Series UniCredit (1), Class B, currently rated Aa2, on review for possible downgrade

RBS Trust 2003-1, Class B, currently rated Aa2, on review for possible downgrade

RBS Trust 2004-1, Class B, currently rated Aa2, on review for possible downgrade

RBS Trust 2005-1, Class B, currently rated Aa2, on review for possible downgrade

RBS Trust 2007-1, Class B, currently rated Aa2, on review for possible downgrade

Resimac Premier Euro 2003-1 Trust, Class B, currently rated Aa2, on review for possible downgrade

Resimac Premier Euro 2004-1E Trust, Class 1B, currently rated Aa2, on review for possible downgrade

Resimac Premier Euro 2004-2E Trust, Class B, currently rated Aa2, on review for possible downgrade

RESIMAC Premier Euro 2005-1E Trust, Class 2B, currently rated Aa2, on review for possible downgrade

Resimac Premier Euro 2006-1E Trust, Class 2B, currently rated Aa2, on review for possible downgrade

RMS Trust 2003-1E, Class 1B, currently rated Aa2, on review for possible downgrade

Series 2005-1 Reds Trust, Class B, currently rated Aa2, on review for possible downgrade

Series 2005-2 Reds Trust, Class B, currently rated Aa2, on review for possible downgrade

Series 2005-2(S) TORRENS Trust, Class B, currently rated Aa2, on review for possible downgrade

Series 2006-1E REDS Trust, Class B, currently rated Aa2, on review for possible downgrade

Series 2006-1E SWAN Trust, Class B, currently rated Aa2, on review for possible downgrade

Series 2007-1E REDS Trust, Class B, currently rated Aa2, on review for possible downgrade

Series 2007-1E SWAN Trust, Class B, currently rated Aa2, on review for possible downgrade

Series 2007-2 REDS Trust, Class B, currently rated Aa2, on review for possible downgrade

TORRENS Series 2005-3(E) Trust, Class B, currently rated Aa2, on review for possible downgrade

TORRENS Series 2006-1(E) Trust, Class B, currently rated Aa2, on review for possible downgrade

Torrens Series 2007-1 Trust, Class B, currently rated Aa2, on review for possible downgrade

Unity Series 2003-1 Trust, Class B, currently rated Aa2, on review for possible downgrade

WB Trust 2003-1, Class C, currently rated A1, on review for possible downgrade

WB Trust 2004-1, Class D, currently rated Baa1, 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

No Related Data.

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CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR 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 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 APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S 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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