Ratings Assigned To Bendigo And Adelaide Bank's TORRENS Series 2013-2 Trust Prime RMBS

Stocks and Financial Services Press Releases Thursday June 27, 2013 14:51
MELBOURNE--27 Jun--Standard & Poor's

MELBOURNE (Standard & Poor's) June 27, 2013--Standard & Poor's Ratings Services today assigned its ratings to the four classes of prime residential mortgage-backed securities (RMBS) issued by Perpetual Trustee Co. Ltd. as trustee for TORRENS Series 2013-2 Trust (see list).

The ratings reflect:
  • Our view of the credit risk of the underlying collateral portfolio, including the fact that this is a closed portfolio, which means no further loans will be assigned to the trust after the closing date.
  • Our view that the credit support is sufficient to withstand the stresses we apply. This credit support comprises mortgage insurance covering 100% of the face value of all loans, accrued interest, and reasonable costs of enforcement; and note subordination for the class A, class AB, and class B1 notes.
  • Our expectation that the various mechanisms to support liquidity within the transaction, including a liquidity facility equal to 1.3% of the initial invested amount of all notes, principal draws, and an excess reserve, are sufficient under our stress assumptions to ensure timely payment of interest.
  • The transaction's provision of an excess reserve, which can build up from excess spread to a limit of 40 basis points of the initial aggregate invested amount of the notes. Any funds in the reserve will be available to cover any interest shortfalls on the notes and for the reimbursement of any principal draws.
  • The management of asset interest rate risk. Interest-rate risk between any fixed-rate mortgage loans and the floating-rate obligations on the notes are appropriately hedged via interest-rate swaps provided by Bendigo and Adelaide Bank Ltd. and Deutsche Bank AG (Australia), the standby swap provider.

A copy of Standard & Poor's complete report for TORRENS Series 2013-2 Trust can be found on Global Credit Portal, Standard & Poor's Web-based credit analysis system, at http://www.globalcreditportal.com. The issuer has not informed Standard & Poor's (Australia) Pty Limited that the issuer will be publicly disclosing all relevant information about the structured finance instruments that are subject to this rating report.

Latest Press Release

Standard Chartered Bank: 2019 Global Economic Growth Expected to Ease Modestly

he tide is going out for the global economy. Standard Chartered Bank expects the world growth to ease modestly to 3.6% in 2019 from 3.8% in 2018. Synchronised global growth at the beginning of 2018 has given way to more divergent growth trends. Several...

Photo Release: SCB showcases its first The DOTs at China Town project to connect successes for new generation business owners

Siam Commercial Bank (SCB) is moving forward in promoting Thai SMEs recently joining with Thammasat University's Faculty of Commerce and Accountancy to organize "The DOTs" project, a new professional management skill course promoting the success of the...

Echoworx expands EU reach with new German data centre

Echoworx is pleased to announce the opening of their new data centre in Germany. This move further entrenches Echoworx's presence and competitive edge within the EU region. Known for its proven manufacturing industries, from automotive to...

EXIM Thailand Holds FX Risk Management Seminar Phase 2 to Promote the Use of FX Risk Hedging Tools for SME exporters

Mr. Chana Boonyachai (right), Executive Vice President of Export-Import Bank of Thailand (EXIM Thailand), recently welcomed Mrs. Varintorn Chaivivat (left), Vice-Director, Northern Region Office, Bank of Thailand and Mr. Kobsak Duangdee (center),...

Photo Release: Prudential Thailand organizes Agency Kick Off 2019

Mr. Aman Chowla (7th from right), Chief Executive Officer, Prudential Life Assurance together with Mr. Wichai Cheewasrirungruang (6th from left), Chief Agency Officer, Prudential Life Assurance and the executive management of Prudential Life Assurance...

Related Topics