January 25, 2013 / 6:12 AM / 5 years ago

TEXT-Fitch Affirms 5 Harvey RMBS Tranches

(The following was released by the rating agency)

SYDNEY, January 25 (Fitch) Fitch Ratings has affirmed two Harvey RMBS transactions, as detailed below. Both transactions are backed by pools of Australian conforming residential full-documentation mortgages originated by Credit Union Australia Limited.

The rating actions are as listed below:

Series 2009-1 Harvey Trust (Harvey 2009-1):

AUD212.4m Class A-1 (ISIN AU3FN0007738) affirmed at ‘AAAsf’; Outlook Stable

AUD13.5m Class A-2 (ISIN AU3FN0007746) affirmed at ‘AAAsf’; Outlook Stable

AUD13.5m Class B (ISIN AU3FN0007753) affirmed at ‘BBsf’; Outlook Stable Series 2010-1 Harvey Trust (Harvey 2010-1):

AUD333.3m Class A-1 (ISIN AU3FN0010179) affirmed at ‘AAAsf’; Outlook Stable

AUD26m Class A-2 (ISIN AU3FN0010187) affirmed at ‘AAAsf’; Outlook Stable.

The affirmations reflect an increase in credit enhancement due to seasoning and amortisation since issuance. The credit quality has remained largely in line with that of the initial portfolio and Fitch expects arrears to remain low compared with Fitch’s conforming Dinkum index. The Stable Outlook reflects Fitch’s view that the available credit enhancement and performance of the underlying assets will continue to support the ratings at their current levels.

At end-November 2012, 30+ days arrears were 0.65% and 0.3% for Harvey 2009-1 and Harvey 2010-1, respectively. Harvey 2009-1 has experienced one default to date resulting in a loss covered mainly by a Lenders Mortgage Insurance provider and the remainder covered by excess spread. Harvey 2010-1 has not experienced any defaults to date. All loans in the underlying portfolios are covered by mortgage insurance, with policies provided by Genworth Financial Mortgage Insurance Pty Ltd and QBE Lenders Mortgage Insurance Pty Limited (‘AA-'/Stable) .

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