September 18, 2014 / 12:41 AM / 3 years ago

Fitch Affirms SMART ABS Series 2013-4PP Trust

(The following statement was released by the rating agency) SYDNEY, September 17 (Fitch) Fitch Ratings has affirmed two classes of SMART ABS Series 2013-4PP Trust's asset-backed floating-rate notes. The transaction is a securitisation of Australian automotive and equipment lease receivables originated by Macquarie Leasing Pty Limited (Macquarie Leasing). The affirmations are as follows: AUD563.9m Class A (ISIN AU3FN0021242) affirmed at 'AAAsf'; Outlook Stable AUD21.2m Class B (ISIN AU3FN0021259) affirmed at 'AAsf'; Outlook Stable KEY RATING DRIVERS The affirmations reflect Fitch's view that the available credit enhancement and excess spread is able to support the current rating, the stable credit quality and performance of the pool, and Fitch's expectations of Australia's economic conditions. The performance of the transaction is well within Fitch's expectations. At July 2014, net losses since closing had reached 0.24% of the original portfolio balance and 30+ day delinquencies were 0.48%, below Fitch's 2Q14 ABS Dinkum reading of 1.14%. To date, excess spread has been more than sufficient to cover for losses. RATING SENSITIVITIES In Fitch's rating sensitivity analysis, the likelihood of a downgrade of the notes is currently remote, based on the transaction's performance to date. Contacts: Lead Surveillance Analyst Brenden Asplin Analyst +61 2 8256 0340 Fitch Australia Pty Ltd. Level 15, 77 King St, Sydney, NSW 2000 Committee Chairperson Natasha Vojvodic Senior Director +61 2 8256 0350 The source of information used to assess these ratings was Macquarie Leasing Pty Limited. The issuer has informed Fitch that not all relevant information about the rated notes is public. Media Relations: Leni Vu, Sydney, Tel: +61 2 8256 0326, Email: Additional information is available at Applicable criteria, "Global Structured Finance Rating Criteria", dated 4 August 2014; "Counterparty Criteria for Structured Finance and Covered Bonds", dated 14 May 2014; "Counterparty Criteria for Structured Finance and Covered Bonds: Derivative Addendum", dated 14 May 2014 "APAC Consumer ABS Rating Criteria", dated 24 July 2014, are available on Fitch's website at Applicable Criteria and Related Research: Global Structured Finance Rating Criteria here Counterparty Criteria for Structured Finance and Covered Bonds here Counterparty Criteria for Structured Finance and Covered Bonds: Derivative Addendum here APAC Consumer ABS Rating Criteria here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S FREE WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Fitch Australia Pty Ltd holds an Australian financial services licence (AFS licence no. 337123) which authorises it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001.

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