Moody's takes rating actions on Australian RMBS following Genworth downgrade
92 notes totaling A$2,974.3 million downgraded
Sydney, July 08, 2008 -- Moody's Investors Service (Moody's) has today downgraded 92 notes
totaling A$ 2,974.3 million of Australian Residential
Mortgage Backed Securities (RMBS) following the downgrade to Aa3 from
Aa2 of the insurance financial strength of Genworth Financial Mortgage
Insurance Pty Limited (Australia) Insurance.
There were no senior notes downgraded. All notes downgraded were
junior notes whose ratings are highly correlated to the ratings of mortgage
insurers.
Of the 92 notes downgraded, 69 notes totaling A$2,229.1
million remain on review for possible downgrade due to their exposure
to PMI Mortgage Insurance Ltd (IFSR Aa2) currently under review for possible
downgrade.
The rating action on the 69 notes totaling A$2,229.1
million is as follows:
Australian Residential Mortgage Securities (ARMS) II Euro Fund VI,
Class B, currently rated Aa2, downgraded to Aa3 and remains
on review for possible downgrade
Australian Residential Mortgage Securities (ARMS) II Fund XV, Class
B, currently rated Aa2, downgraded to Aa3 and remains on review
for possible downgrade
Australian Residential Mortgage Securities (ARMS) II Global Fund 2,
Class B, currently rated Aa2, downgraded to Aa3 and remains
on review for possible downgrade
Australian Residential Mortgage Securities (ARMS) II Global Fund 3,
Class B-1(a), currently rated Aa2, downgraded to Aa3
and remains on review for possible downgrade
Australian Residential Mortgage Securities (ARMS) II Global Fund 3,
Class B-1(b), currently rated Aa2, downgraded to Aa3
and remains on review for possible downgrade
Australian Residential Mortgage Securities (ARMS) II Low Doc Fund I,
Class B, currently rated Aa2, downgraded to Aa3 and remains
on review for possible downgrade
Challenger Millennium Series 2007-1E Trust, Class B,
currently rated Aa2, downgraded to Aa3 and remains on review for
possible downgrade
Challenger Millennium Series 2007-2L Trust, Class B,
currently rated Aa2, downgraded to Aa3 and remains on review for
possible downgrade
FirstMac Bond Series 1E-2006 Trust, Class B, currently
rated Aa2, downgraded to Aa3 and remains on review for possible
downgrade
FirstMac Bond Series 3-2005 Trust, Class B, currently
rated Aa2, downgraded to Aa3 and remains on review for possible
downgrade
FirstMac Mortgage Funding Trust Series 1-2007, Class B,
currently rated Aa2, downgraded to Aa3 and remains on review for
possible downgrade
FirstMac Mortgage Funding Trust Series 1E-2007, Class B,
currently rated Aa2, downgraded to Aa3 and remains on review for
possible downgrade
Interstar Millennium Series 2003-5G Trust, Class B1,
currently rated Aa2, downgraded to Aa3 and remains on review for
possible downgrade
Interstar Millennium Series 2003-5G Trust, Class B2,
currently rated Aa2, downgraded to Aa3 and remains on review for
possible downgrade
Interstar Millennium Series 2004-1E Trust, Class B,
currently rated Aa2, downgraded to Aa3 and remains on review for
possible downgrade
Interstar Millennium Series 2004-2G Trust, Class B,
currently rated Aa2, downgraded to Aa3 and remains on review for
possible downgrade
Interstar Millennium Series 2004-4E Trust, Class B,
currently rated Aa2, downgraded to Aa3 and remains on review for
possible downgrade
Interstar Millennium Series 2005-1G Trust, Class B,
currently rated Aa2, downgraded to Aa3 and remains on review for
possible downgrade
Interstar Millennium Series 2005-2L Trust, Class B,
currently rated Aa2, downgraded to Aa3 and remains on review for
possible downgrade
Interstar Millennium Series 2005-3E Trust, Class B,
currently rated Aa2, downgraded to Aa3 and remains on review for
possible downgrade
Interstar Millennium Series 2006-2G Trust, Class B,
currently rated Aa2, downgraded to Aa3 and remains on review for
possible downgrade
Interstar Millennium Series 2006-3L Trust, Class B,
currently rated Aa2, downgraded to Aa3 and remains on review for
possible downgrade
Interstar Millennium Series 2006-4H, Class B, currently
rated Aa2, downgraded to Aa3 and remains on review for possible
downgrade
Medallion Trust Series 2006-1G, Class B, currently
rated Aa2, downgraded to Aa3 and remains on review for possible
downgrade
National RMBS Trust 2004-1, Class B, currently rated
Aa2, downgraded to Aa3 and remains on review for possible downgrade
National RMBS Trust 2006-1, Class B, currently rated
Aa2, downgraded to Aa3 and remains on review for possible downgrade
National RMBS Trust 2006-3, Class B, currently rated
Aa2, downgraded to Aa3 and remains on review for possible downgrade
Progress 2003 E-1 Trust, Class B, currently rated Aa2,
downgraded to Aa3 and remains on review for possible downgrade
Progress 2004 E-1 Trust, Class B, currently rated Aa2,
downgraded to Aa3 and remains on review for possible downgrade
Progress 2004-2 Trust, Class B, currently rated Aa2,
downgraded to Aa3 and remains on review for possible downgrade
Progress 2005-1 Trust, Class B, currently rated Aa2,
downgraded to Aa3 and remains on review for possible downgrade
Progress 2005-2 Trust, Class B, currently rated Aa2,
downgraded to Aa3 and remains on review for possible downgrade
Progress 2006-1 Trust, Class B, currently rated Aa2,
downgraded to Aa3 and remains on review for possible downgrade
Progress 2007-1G Trust, Class B, currently rated Aa2,
downgraded to Aa3 and remains on review for possible downgrade
PUMA Global Trust No.5, Class B, currently rated Aa2,
downgraded to Aa3 and remains on review for possible downgrade
Puma Global Trust S-1, Class B, currently rated Aa2,
downgraded to Aa3 and remains on review for possible downgrade
Puma Masterfund H-1, Class B, currently rated Aa2,
downgraded to Aa3 and remains on review for possible downgrade
PUMA Masterfund P-10 Series B, Class B, currently rated
Aa2, downgraded to Aa3 and remains on review for possible downgrade
PUMA Masterfund P-10 Series C, Class B, currently rated
Aa2, downgraded to Aa3 and remains on review for possible downgrade
Puma Masterfund P-10, Class B, currently rated Aa2,
downgraded to Aa3 and remains on review for possible downgrade
PUMA Masterfund P-11 Series A, Class B, currently rated
Aa2, downgraded to Aa3 and remains on review for possible downgrade
Puma Masterfund P-11 Series B, Class B, currently rated
Aa2, downgraded to Aa3 and remains on review for possible downgrade
Puma Masterfund P-12 Series A, Class B, currently rated
Aa2, downgraded to Aa3 and remains on review for possible downgrade
PUMA Masterfund P-12 Series B, Class B, currently rated
Aa2, downgraded to Aa3 and remains on review for possible downgrade
PUMA Masterfund P-13 Series A, Class B, currently rated
Aa2, downgraded to Aa3 and remains on review for possible downgrade
PUMA Masterfund S-2 Series A, Class B, currently rated
Aa2, downgraded to Aa3 and remains on review for possible downgrade
Puma Masterfund S-3, Class B, currently rated Aa2,
downgraded to Aa3 and remains on review for possible downgrade
PUMA Masterfund S-4, Class B, currently rated Aa2,
downgraded to Aa3 and remains on review for possible downgrade
PUMA Masterfund S-5, Class B, currently rated Aa2,
downgraded to Aa3 and remains on review for possible downgrade
RAMS MORTGAGE SECURITIES TRUST in respect of Series 2006-1,
Class B, currently rated Aa2, downgraded to Aa3 and remains
on review for possible downgrade
RBS Trust 2003-1, Class B, currently rated Aa2,
downgraded to Aa3 and remains on review for possible downgrade
RBS Trust 2004-1, Class B, currently rated Aa2,
downgraded to Aa3 and remains on review for possible downgrade
RBS Trust 2005-1, Class B, currently rated Aa2,
downgraded to Aa3 and remains on review for possible downgrade
RBS Trust 2007-1, Class B, currently rated Aa2,
downgraded to Aa3 and remains on review for possible downgrade
Resimac Premier Euro 2003-1 Trust, Class B, currently
rated Aa2, downgraded to Aa3 and remains on review for possible
downgrade
Resimac Premier Euro 2004-1E Trust, Class 1B, currently
rated Aa2, downgraded to Aa3 and remains on review for possible
downgrade
Resimac Premier Euro 2004-2E Trust, Class B, currently
rated Aa2, downgraded to Aa3 and remains on review for possible
downgrade
RESIMAC Premier Euro 2005-1E Trust, Class 2B, currently
rated Aa2, downgraded to Aa3 and remains on review for possible
downgrade
Resimac Premier Euro 2006-1E Trust, Class 2B, currently
rated Aa2, downgraded to Aa3 and remains on review for possible
downgrade
RMS Trust 2003-1E, Class 1B, currently rated Aa2,
downgraded to Aa3 and remains on review for possible downgrade
Series 2005-1 Reds Trust, Class B, currently rated
Aa2, downgraded to Aa3 and remains on review for possible downgrade
Series 2005-2 Reds Trust, Class B, currently rated
Aa2, downgraded to Aa3 and remains on review for possible downgrade
Series 2005-2(S) TORRENS Trust, Class B, currently
rated Aa2, downgraded to Aa3 and remains on review for possible
downgrade
Series 2006-1E REDS Trust, Class B, currently rated
Aa2, downgraded to Aa3 and remains on review for possible downgrade
Series 2007-1E REDS Trust, Class B, currently rated
Aa2, downgraded to Aa3 and remains on review for possible downgrade
Series 2007-2 REDS Trust, Class B, currently rated
Aa2, downgraded to Aa3 and remains on review for possible downgrade
TORRENS Series 2005-3(E) Trust, Class B, currently
rated Aa2, downgraded to Aa3 and remains on review for possible
downgrade
TORRENS Series 2006-1(E) Trust, Class B, currently
rated Aa2, downgraded to Aa3 and remains on review for possible
downgrade
Unity Series 2003-1 Trust, Class B, currently rated
Aa2, downgraded to Aa3 and remains on review for possible downgrade
The rating action on the remaining 23 notes totaling A$745.2
million is as follows:
Maxis Loans Securitisation Fund 2004-1, Class B, currently
rated Aa2, downgraded to Aa3
Maxis Loans Securitisation Fund 2005-1, Class B, currently
rated Aa2, downgraded to Aa3
Medallion Trust Series 2007-1G, Class B, currently
rated Aa2, downgraded to Aa3
Securitised Australian Mortgage Trust 2003-1, Class B,
currently rated Aa2, downgraded to Aa3
Securitised Australian Mortgage Trust 2003-2, Class B,
currently rated Aa2, downgraded to Aa3
Securitised Australian Mortgage Trust 2006-1, Class B,
currently rated Aa2, downgraded to Aa3
Securitised Australian Mortgage Trust 2007-1, Class B,
currently rated Aa2, downgraded to Aa3
Series 2005-1G WST Trust, Class B, currently rated
Aa2, downgraded to Aa3
Series 2007-1G WST Trust, Class B, currently rated
Aa2, downgraded to Aa3
SMHL Global Fund 2007-1, Class B, currently rated Aa2,
downgraded to Aa3
SMHL Global Fund No. 3, Class B, currently rated Aa2,
downgraded to Aa3
SMHL Global Fund No. 4, Class B, currently rated Aa2,
downgraded to Aa3
SMHL Global Fund No. 5, Class B, currently rated Aa2,
downgraded to Aa3
SMHL Global Fund No. 6, Class B, currently rated Aa2,
downgraded to Aa3
SMHL Global Fund No. 7, Class B, currently rated Aa2,
downgraded to Aa3
SMHL Global Fund No. 8, Class B, currently rated Aa2,
downgraded to Aa3
SMHL Global Fund No. 9, Class B, currently rated Aa2,
downgraded to Aa3
SMHL Securitisation Fund 2006-1, Class B, currently
rated Aa2, downgraded to Aa3
Superannuation Members' Home Loans (SMHL) Securitisation Fund 2003-1,
Class B, currently rated Aa2, downgraded to Aa3
Superannuation Members' Home Loans (SMHL) Securitisation Fund 2003-2,
Class B, currently rated Aa2, downgraded to Aa3
Superannuation Members' Home Loans (SMHL) Securitisation Fund 2005-1,
Class B, currently rated Aa2, downgraded to Aa3
Superannuation Members' Home Loans (SMHL) Securitisation Fund 2005-2,
Class B, currently rated Aa2, downgraded to Aa3
Superannuation Members' Home Loans (SMHL) Warehousing Trust 2004-1,
Class B, currently rated Aa2, downgraded to Aa3
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
Henry Charpentier
Managing Director
Structured Finance Group
Moody's Investors Service Pty Ltd
JOURNALISTS: (612) 9270-8102
SUBSCRIBERS: (612) 9270-8100