Integrity Series 2014-1 Trust RMBS Class A2 And Class B Note Ratings Affirmed

Stocks and Financial Services Press Releases Friday May 4, 2018 08:55
MELBOURNE--4 May--S&P Global Ratings

MELBOURNE (S&P Global Ratings) May 4, 2018-- S&P Global Ratings today affirmed its ratings on the class A2 and class B prime residential mortgage-backed securities (RMBS) issued by Perpetual Trustee Co. Ltd. as trustee for Integrity Series 2014-1 Trust (see list). Integrity Series 2014-1 Trust is a securitization of prime residential mortgages by Cuscal Ltd.

The rating affirmations follow the repurchase of approximately A$8.1 million of mortgages from the trust, following an underlying credit union refinancing their loans from the portfolio. The funds from the sale will be used to repay notes in line with the principal waterfall.

The ratings reflect:
  • Our view of the credit risk of the underlying collateral portfolio, after the repurchase of the loans, to remain diversified and sizable. As of March 30, 2018, the portfolio has a weighted-average seasoning of 133 months and the weighted-average current loan-to-value ratio is 54.3%.
  • Credit support provided to the notes exceeds the credit support required at its rating level. This credit support includes subordination and mortgage insurance to 100% of the portfolio, which covers 100% of the face value of the loans, accrued interest, and reasonable costs of enforcement.
  • Integris Securitisation Services Pty Ltd. as master servicer, which oversees the nominated sellers in the management of the loans in arrears. Arrears to date have performed above Standard & Poor's Performance Index (SPIN) for Australian prime RMBS transactions. As of March 30, 2018, 2.39% of the pool balance is more than 30 days in arrears. There have been no reported losses to date.
  • Our expectation that the various mechanisms to support liquidity within the transaction, including principal draws and an amortizing liquidity facility initially equal to 1.8% of the initial aggregate principal outstanding of all mortgage loans, are sufficient under our stress assumptions to support timely payment of interest.
Integrity Series 2014-1 Trust
Class Rating
A2 AAA (sf)
B AA (sf)

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