March 1, 2012 / 6:37 AM / 6 years ago

TEXT: Fitch Affirms 4 Illawarra RMBS Transactions

(The following was released by the rating agency)

SYDNEY, March 01 (Fitch) Fitch Ratings has affirmed four transactions from the Illawarra Series of residential mortgage-backed securities (RMBS). These transactions are backed by pools of first-ranking Australian residential mortgages originated by IMB Limited (IMB).

The rating actions are as listed below.

Illawarra Series 2004-1 RMBS Trust:

AUD71.2m Class A-2 (ISIN AU300ILWC028) affirmed at ‘AAAsf’; Outlook Stable

AUD12.5m Class B (ISIN AU300ILWC036) affirmed at ‘BBsf”; Outlook Stable

Illawarra Series 2005-1 RMBS Trust:

AUD89.4m Class A (ISIN AU300ILWD018) affirmed at ‘AAAsf’; Outlook Stable

AUD13.0m Class B (ISIN AU300ILWD026) affirmed at ‘BBsf”; Outlook Stable

Illawarra Series 2006-1 RMBS Trust:

AUD137.6m Class A (ISIN AU3FN0000139) affirmed at ‘AAAsf’; Outlook Stable

AUD12.5m Class B (ISIN AU3FN0000147) affirmed at ‘BBsf”; Outlook Stable

Illawarra Series 2010-1 RMBS Trust:

AUD192m Class A (ISIN AU3FN0010468) notes affirmed at ‘AAAsf’; Outlook Stable

AUD11m Class AB (ISIN AU3FN0010476) notes affirmed at ‘AAAsf’; Outlook Stable

AUD8.5m Class C (ISIN AU3FN0010484): not rated

The rating affirmations and Outlooks on the notes reflect Fitch’s view that credit enhancement levels are able to support the notes’ current ratings. The credit quality and performance of the loans in the collateral pools have remained in line with the agency’s expectations. All notes are paying down sequentially.

All transactions have performed well in the past year, reflecting IMB’s conservative lending standards.

“The 30+ days arrears across the four Illawarra transactions have been tracking below Fitch’s 30+ Day Dinkum Index in the last 12 months,” said Kim Bui, Analyst in Fitch’s Structured Finance team. “To date, the RMBS pools have experienced low losses and lender mortgage insurance and excess spread have covered losses in full.”

These pools all have lender mortgage insurance provided by QBE Lenders’ Mortgage Insurance Limited (‘AA-'/Stable), Genworth Financial Mortgage Insurance Pty Ltd and Housing Loan Insurance Corporation. Of the four transactions, Illawarra Series 2006-1 RMBS Trust experienced the highest cumulative claims on LMI at 0.04% of the original balance. Illawarra Series 2010-1 Trust has not experienced any losses to date.

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