Progress 2018-1 Trust Prime RMBS Assigned Ratings

Stocks and Financial Services Press Releases Thursday June 28, 2018 11:22
MELBOURNE--29 Jun--S&P Global Ratings

MELBOURNE (S&P Global Ratings) June 28, 2018--S&P Global Ratings today assigned ratings to four classes of prime residential mortgage-backed securities (RMBS) issued by Perpetual Trustee Co. Ltd. as trustee for Progress 2018-1 Trust (see list). Progress 2018-1 Trust is a securitization of prime residential mortgages originated by AMP Bank Ltd.

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 note subordination and lenders' mortgage insurance policies.
  • The benefit of a fixed-to-floating interest-rate swap provided by AMP Bank Ltd. to hedge the mismatch between receipts from any fixed-rate mortgage loans and the variable-rate RMBS.
  • Our expectation that the various mechanisms to support liquidity within the transaction, including a liquidity reserve equal to 0.85% of the invested amount of the notes, and an excess reserve that builds from excess spread from the call option date are sufficient under our stress assumptions to ensure timely payment of interest.
A copy of S&P Global Ratings' complete report for Progress 2018-1 Trust can be found on RatingsDirect, S&P Global Ratings' web-based credit analysis system, at http://www.capitaliq.com.

The issuer has not informed S&P Global Ratings Australia Pty Ltd. whether the issuer is publically disclosing all relevant information about the structured finance instruments the subject of this rating report or whether relevant information remains non-public.


Latest Press Release

Fitch Revises Outlook on Thailand#s PTT and PTTEP to Affirms at #BBB+#

Fitch Ratings has revised the Outlook on PTT Public Company Limited (PTT) and PTT Exploration and Production Public Company Limited (PTTEP) to Positive from Stable. The agency has affirmed the two companies' Issuer Default Ratings and PTTEP's senior...

TMB continued to expand its customer base and ensure the quality of business growth. The Banks 2Q19 operating performance, both revenue generation and efficiency

TMB Bank Public Company Limited today announced its financial results for the second quarter of 2019 (2Q19). Mr. Piti Tantakasem, CEO, commented on the results that "the Bank's operating performance showed an improvement quarter-on-quarter (QoQ). The...

RENBDO Pre-ICO Creates Opportunities for Investors

RENBDO.io has just announced that the company is now prepared to initiate the pre-ICO campaign to kick-start the development of its blockchain start-up RENBDO or Renewable Energy Network Based on Decentralized Organization. The campaign's objective is to...

SET and IPPD join hands to foster research on sustainable development

The Stock Exchange of Thailand (SET) and The Institute of Public Policy and Development (IPPD), under the Thai government think tank, signed a memorandum of understanding (MoU) to jointly conduct insightful and practical researches to benefit the...

Photo Release: Outstanding Women Leaders for Green Growth Award

Recently, at Grand Hyatt Erawan Hotel, Ms. Kattiya Indaravijaya, KBank President, received the "2019 Outstanding Women Leaders for Green Growth Award" for being an exemplary role model in developing businesses which are environmental friendly and an...

Related Topics