APOLLO Series 2017-2 Trust Prime RMBS Assigned Ratings

Stocks and Financial Services Press Releases Thursday September 28, 2017 16:10
MELBOURNE--28 Sep--S&P Global Ratings

MELBOURNE (S&P Global Ratings) Sept. 28, 2017--S&P Global Ratings today assigned its ratings to six of the seven classes of prime residential mortgage-backed securities (RMBS) issued by Perpetual Trustee Co. Ltd. as trustee for APOLLO Series 2017-2 Trust (see list). APOLLO Series 2017-2 Trust is a securitization of prime residential mortgages originated by Suncorp-Metway Ltd. (Suncorp).

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. Credit support for the rated notes is provided by subordination and lenders' mortgage insurance (LMI) cover on 22.5% of the loans in the portfolio.Our expectation that the various mechanisms to support liquidity within the transaction, including an excess revenue reserve funded by available spread, the principal draw function, and a liquidity facility provided by Suncorp equal to 1.0% of the performing mortgage loan balance, are sufficient under our stress assumptions to ensure timely payment of interest.The availability of a A$150,000 liquidity reserve funded upfront by Suncorp, available to meet extraordinary expenses. The reserve will be topped up with available excess spread if drawn.The benefit of a fixed-rate swap to be provided by Suncorp to hedge the mismatch between receipts from any fixed-rate mortgage loans and the variable-rate RMBS.

A copy of S&P Global Ratings' complete report for APOLLO Series 2017-2 Trust can be found on RatingsDirect, S&P Global Ratings' web-based credit analysis system, athttp://www.spglobal.com/ratingsdirect.

Latest Press Release

USD120,000 at stake in CIMBs 3D Conquest to unearth ASEANs top #digital talents Competition sets path for nurturing crucial skills in data science, FinTech and coding among tertiary students

CIMB Group Holdings Berhad ("the Group" or "CIMB") has launched the CIMB 3D Conquest, a competition that aims to identify and attract ASEAN's top creative, young digital talent with an agile and entrepreneurial mindset. Open to all tertiary students, the...

Allianz to become Worldwide Olympic Insurance Partner

The International Olympic Committee (IOC) and Allianz today announced that the insurer will join the "Worldwide Olympic Partner" (TOP) Programme in 2021. Through this sponsorship agreement, Allianz will work with the IOC to provide innovative and...

BYFX Global Co., Limited Announces Business Launch

BYFX Global Co., Limited (BYFX Global) today announced the launch of its retail and institutional business -- offering clients around the globe top-tier liquidity and online OTC trading for Spot FX and Spot Bullion[1]. Striving towards financial...

2018 Robot World to Suggest Direction for the Fourth Industrial Revolution

Showcasing the latest robot technologies from around the world, the 2018 Robot World will be held at KINTEX, Korea from October 10-13, 2018. The Robot World (eng.robotworld.or.kr/wp), celebrating its 13th anniversary this year, consists of four main...

ชวนผู้ประกอบการเรียนรู้เส้นทางความสำเร็จของสตาร์ทอัพแอปพลิเคชัน เคลมดิ อังคาร 25 ก.ย. นี้

ตลาดหลักทรัพย์ฯ ขอเชิญผู้ประกอบการ Social Enterprise (SE) SMEs และ Startup ร่วมอบรมครั้งพิเศษในโครงการ SET Social Impact Gym หัวข้อ "Fintech vs Social Startup... Lesson Learned..." พบกับสตาร์ทอัพเจ้าของแอปพลิเคชัน "เคลมดิ" (Claim Di)...

Related Topics