Fitch Affirms Kiwibank RMBS Trust Series 2009-1 at 'AAAsf'

(The following statement was released by the rating agency)

SYDNEY, February 26 (Fitch) Fitch Ratings has affirmed Kiwibank RMBS Trust 
Series 2009-1's Class A notes, as shown below. The transaction is a 
securitisation of first-ranking New Zealand conforming residential mortgages 
originated by Kiwibank Limited (Kiwibank, AA/Stable/F1+), as follows:

NZD576m Class A notes affirmed at 'AAAsf'; Outlook Stable.

KEY RATING DRIVERS

The affirmation reflects Fitch's view that available credit enhancement is 
sufficient to support the notes' current ratings, and the agency's expectations 
of New Zealand's economic conditions. The credit quality and performance of the 
loans in the collateral pool have remained in line with expectations. The 
transaction remains within its substitution period with principal collections 
being used to purchase additional receivables.

As of 1 January 2014, one loan totalling NZD98,559 was in 30+days arrears and no 
greater than 0.07% of the pool had been in 30+days arrears over the previous 12 
months. There were no losses to date. 

The transaction remains within its ten year substitution period, ending in 2019, 
and no amortisation of the notes has occurred to date. Fitch is comfortable with 
the long revolving period because the portfolio stratifications have not changed 
significantly since initial issue, Kiwibank's product mix has not materially 
changed over this time, 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 would be considered. Credit 
enhancement levels for the Class A notes can support multiples of the arrears 
levels reported in the latest investor reports.

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 is provided by Kiwibank 
Limited. 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; "Counterparty Criteria for Structured Finance and Covered Bonds", dated 13 
May 2013; "Counterparty Criteria for Structured Finance and Covered Bonds: 
Derivative Addendum", dated 13 May 2013; "APAC Residential Mortgage Criteria", 
dated 1 August 2013; and "APAC Residential Mortgage Criteria Addendum - New 
Zealand", dated 1 August 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

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

APAC Residential Mortgage Criteria - Amended

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

APAC Residential Mortgage Criteria Addendum – New Zealand - Amended

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=710258

Additional Disclosure 

Solicitation Status 

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=821825

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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.