Fitch Affirms Kingfisher Trust 2008-1 at 'AAAsf'/Stable <Origin Href="QuoteRef">ANZ.AX</Origin>

(The following statement was released by the rating agency)

SYDNEY, March 26 (Fitch) Fitch Ratings has affirmed the ratings of Kingfisher 
Trust 2008-1's (Kingfisher 2008-1) Class A notes at 'AAAsf'. The transaction is 
backed by Australian conforming residential mortgages originated by Australia 
and New Zealand Banking Group (ANZ, AA-/Stable/F1+). The rating action is as 
follows: 

AUD38.6bn Class A (ISIN AU3FN0016325) affirmed at 'AAAsf'; Outlook Stable.

KEY RATING DRIVERS

The affirmation reflects the fact that the credit quality and performance of the 
loans in the collateral pool have remained in line with Fitch's expectations, 
and Fitch's expectations of Australia's economic conditions. The transaction 
remains within its substitution period, with principal collections being used to 
purchase additional receivables.

The transaction's performance has been within Fitch's expectations, with low 
levels of defaults and arrears. As at 28 February 2014, 30+ days arrears were at 
1.05%, below the latest Dinkum RMBS Index level of 1.21% at 4Q13. Since closing, 
the transaction as experienced AUD379,867 of losses, with lenders' mortgage 
insurance and excess spread covering all losses. ANZ Lenders Mortgage Insurance 
covers 40.6% of the pool. 

Kingfisher Trust 2008-1 Fund's revolving period ends in May 2025. Fitch is 
comfortable with the long revolving period because the transaction's portfolio 
stratifications and ANZ's product mix have not changed materially since closing 
in 2008, and the portfolio is performing as expected.

RATING SENSITIVITIES

A significant and unexpected increase in delinquencies, defaults and losses 
would be necessary before any negative rating action were to be considered, 
which is unlikely, given the underlying quality of the pool and low levels of 
arrears to date.

Contacts: 

Lead surveillance analyst 

Hai Duong Le

Analyst

+61 2 8256 0358

Fitch Australia Pty Ltd., Level 15, 77 King St, Sydney, NSW 2000

Committee Chairperson 

Alison Ho

Senior Director

+85 2 2263 9937

The source of information used to assess these ratings is Australia and New 
Zealand Banking Group. The issuer has informed Fitch that not all relevant 
underlying information used in the analysis of the rated notes is public.

Applicable criteria, " Global Structured Finance Rating Criteria", dated 24 May 
2013 "Global Criteria for Lenders' Mortgage Insurance in RMBS" dated 1 August 
2013; "APAC Residential Mortgage Criteria - Amended" dated 1 August 2013,  "APAC 
Residential Mortgage Criteria Addendum - Australia - Amended", dated 1 August 
2013; "Counterparty Criteria for Structured Finance and Covered Bonds", dated 13 
May 2013 and "Counterparty Criteria for Structured Finance and Covered Bonds: 
Derivative Addendum", dated 13 May 2013 are available at www.fitchratings.com.

Media Relations: Iselle Gonzalez, Sydney, Tel: +61 2 8256 0326, Email: 
iselle.gonzalez@fitchratings.com.

Additional information is available at www.fitchratings.com.

Applicable Criteria and Related Research: 

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

Global Criteria for Lenders’ Mortgage Insurance in RMBS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=709255

APAC Residential Mortgage Criteria - Amended

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=709855

APAC Residential Mortgage Criteria Addendum – Australia - Amended

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=710259

Counterparty Criteria for Structured Finance and Covered Bonds

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=707155

Counterparty Criteria for Structured Finance and Covered Bonds: Derivative 
Addendum

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=707156

Additional Disclosure 

Solicitation Status 

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=825032

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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.