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TEXT-Fitch Affirms 6 Progress Notes at 'AAAsf'/Stable
January 9, 2013 / 5:57 AM / 5 years ago

TEXT-Fitch Affirms 6 Progress Notes at 'AAAsf'/Stable

(The following was released by the rating agency)

SYDNEY, January 09 (Fitch) Fitch Ratings has affirmed six classes of notes of Progress 2010-1 Trust, Progress 2012-1 Trust and Progress 2012-2 Trust, which are issued by Perpetual Trustee Company Limited as trustee. The transactions are securitisations of residential mortgages originated by AMP Bank Limited (AMP). The rating actions are as listed below:

Progress 2010-1 Trust

AUD434.3m Class A (ISIN AU0000P0BHA3) affirmed at ‘AAAsf’, Outlook Stable; and

AUD56m Class AB (ISIN AU0000P0BHB1) affirmed at ‘AAAsf’, Outlook Stable.

Progress 2012-1 Trust

AUD517.2m Class A (ISIN AU3FN0015616) affirmed at ‘AAAsf’, Outlook Stable; and

AUD31.3m Class AB (ISIN AU3FN0015624) affirmed at ‘AAAsf’, Outlook Stable.

Progress 2012-2 Trust

AUD699.6m Class A (ISIN AU3FN0016473) affirmed at ‘AAAsf’, Outlook Stable; and

AUD36.2m Class AB (ISIN AU3FN0016481) affirmed at ‘AAAsf’, Outlook Stable.

“The level of credit enhancement for both Class A and AB notes has significantly increased in Progress 2010-1 Trust. Progress 2012-1 Trust and Progress 2012-2 Trust are performing in line with expectations and the level of arrears is negligible,” said James Zanesi, Director in Fitch’s Structured Finance team.

The affirmations reflect Fitch’s view that the available credit enhancement levels are able to support the ratings, and that the credit quality and performance of loans in the collateral pool remain in line with its expectations. As of November 2012, 30+ days arrears were at 0.95%, 0.13% and 0.11% in Progress 2010-1 Trust, Progress 2012-1 Trust and Progress 2012-2 respectively. All three transactions have experienced no defaults.

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