RESIMAC Triomphe Trust - RESIMAC Premier Series 2017-2 Prime RMBS Assigned Ratings

Stocks and Financial Services Press Releases Thursday August 3, 2017 09:40
MELBOURNE--3 Aug--S&P Global Ratings

MELBOURNE (S&P Global Ratings) Aug. 3, 2017--S&P Global Ratings today assigned its ratings to six classes of prime residential mortgage-backed securities (RMBS) issued by Perpetual Trustee Co. Ltd. as trustee for RESIMAC Triomphe Trust - RESIMAC Premier Series 2017-2 (see list).

RESIMAC Triomphe Trust - RESIMAC Premier Series 2017-2 is a securitization of prime residential mortgages originated by RESIMAC Ltd. The ratings reflect:
Our view of the credit risk of the underlying collateral portfolio, including 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 note subordination and lenders' mortgage insurance to 28.9% of the portfolio, which covers 100% of the face value of these loans, accrued interest, and reasonable costs of enforcement.Our expectation that the various mechanisms to support liquidity within the transaction, including a liquidity facility equal to 0.75% of the outstanding balance of the notes, and principal draws, are sufficient under our stress assumptions to ensure timely payment of interest.The extraordinary expense reserve of A$150,000, funded by RESIMAC Ltd.

before closing, available to meet extraordinary expenses. The reserve will be topped up via excess spread if drawn.

The management of 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 National Australia Bank Ltd. and Westpac Banking Corp.


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