The FINANCIAL — Fitch Ratings has assigned an expected rating to Illawarra Series 2013-1 RMBS Trust's mortgage-backed floating-rate notes as follows:
AUD279.0m Class A notes: 'AAA(EXP)sf'; Outlook Stable
AUD15m Class AB notes: Not Rated
AUD6 m Class B notes: Not Rated
The notes will be issued by BNY Trust Company of Australia Limited in its capacity as trustee for Illawarra Series 2013-1 RMBS Trust.
As Fitch Ratings, Inc announced, the 'AAA(EXP)sf' Long-Term Rating assigned to the class A notes is based on: the quality of the collateral; the 7.0% credit enhancement (CE) provided to the class A notes by the subordinate AB, and B notes and the liquidity facility of 1.5%. The rating also reflects IMB Limited's underwriting standards and servicing capabilities.
At the cut-off date, the collateral pool consisted of 1,867 loans totaling approximately AUD309m. Loans included in the pool have been originated by IMB Limited. The weighted average current loan-to-value ratio was 60%, and the weighted average seasoning was 51 months. The pool is composed of 100% fully verified documentation loans, while investment loans account for 27.7% and first-time borrowers represent 11.3% of the pool.
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