FirstMac NIM Master Trust Series 2013-1 Securities Placed On CreditWatch Negative On Misapplication Of Criteria

Stocks and Financial Services Press Releases Tuesday May 16, 2017 17:27
MELBOURNE--16 May--S&P Global Ratings

MELBOURNE (S&P Global Ratings) May 16, 2017--S&P Global Ratings today placed its 'A (sf)' rating on the class A net interest margin (NIM) securities issued by FirstMac Fiduciary Services Pty Ltd. in its capacity as trustee of the FirstMac NIM Master Trust Series 2013-1 on CreditWatch with negative implications.

The CreditWatch action stems from the discovery of a misapplication of our "Standard & Poor's Rating Methodology And Assumptions For Australian RMBS Net Interest Margin Securities" criteria, published on March 30, 2009, which states that the rating assigned to all tranches of transactions that contribute residual cash flows to the NIM security must exceed the rating on the NIM security.

Most of the FirstMac RMBS transactions issued since 2014 include tranches that   are rated below 'A+ (sf)'.
This rating action reflects a misapplication of an element of our criteria. The actual performance of the class A NIM securities continues to be strong from a cash-flow perspective.
We expect to resolve the CreditWatch placement within the next 90 days.

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