Fitch Affirms Ratings of 41 FirstMac RMBS Tranches

(The following statement was released by the rating agency)

SYDNEY, March 14 (Fitch) Fitch Ratings has affirmed 41 classes of notes issued 
under 14 FirstMac RMBS transactions. Fitch has also affirmed the rating of the 
currency swap obligation on the class A-1 notes of FirstMac Mortgage Funding 
Trust Series 1E-2007. All transactions are backed by pools of conforming 
Australian residential mortgages sourced directly or by way of third-party 
introducers. The mortgages were originated in the name of nominee companies on 
behalf of the trustee, FirstMac Fiduciary Services Pty Ltd, and sold to the 
various trusts by FirstMac warehouses. The full list of rating actions can be 
found at the end of this commentary.

KEY RATING DRIVERS

The affirmations reflect Fitch's view that available credit enhancement supports 
the notes at their current ratings, the agency's expectations of Australia's 
economic conditions, and that the credit quality and performance of the 
underlying loans have remained within the agency's expectations.

All transactions are paying down on a sequential basis with principal 
collections being allocated to the senior notes with the exception of FirstMac 
Mortgage Funding Trust Series 1E-2007, FirstMac Mortgage Funding Trust Series 
2-2008, FirstMac Mortgage Funding Trust Series 1-2010 and the Class A and AB 
notes in FirstMac Bond Series 2-2005 Trust and FirstMac Mortgage Funding Trust 
Series 1-2007. FirstMac Mortgage Funding Trust Series 1E-2007 is expected to 
revert to sequential pay down starting from the investment payment date in March 
2014. The amortisation of the notes has resulted in improvements in credit 
enhancement.

As at end-January 2013, 30+ days arrears ranged between 0.1% for FirstMac 
Mortgage Funding Trust Series 2E-2013 and 3.4% for FirstMac Bond Series 2-2005 
Trust. Since closing 231 loans have defaulted and originated a loss across the 
outstanding Fitch rated transactions. Lenders' mortgage insurance (LMI) has paid 
86.6% of these losses and the rest has been covered either by excess spread or 
by the originator.

The reported weighted average current loan-to-value ratio (WA LVR) ranged from 
58.9% (FirstMac Mortgage Funding Trust Series 1E-2007) to 71.2% (FirstMac 
Mortgage Funding Trust Series 1-2009). Indexation was negative for FirstMac 
Mortgage Funding Trust Series 1-2010, as the WA LVR increased to 74.3% from 
73.3% due to geographical concentration in Queensland and the seasoning of the 
loans. FirstMac Bond Series 1E-2006 Trust benefitted the most from indexation 
with WA LVR improving to 60.5% from 69.4%. FirstMac Mortgage Funding Trust 
Series 1E-2007 had the lowest indexed WA LVR (52.3%).

The pools contain a significant portion of loans collateralised by investment 
properties, ranging from 37.6% (FirstMac Mortgage Funding Trust Series 2E-2013) 
to 66.9% (FirstMac Mortgage Funding Trust Series 1-2007). The portion of 
interest-only loans is also relatively high ranging from 26.9% (FirstMac 
Mortgage Funding Trust Series 1E-2007) to 70.0% (FirstMac Bond Series 1C-2006).

FirstMac Mortgage Funding Trust Series 1-2007 has a significant portion of low 
doc loans (85.9%). The portion of low-doc loans is limited in other 
transactions, ranging from 17.6% (FirstMac Bond Series 1C-2006 to 1.1% (FirstMac 
Bond Series 2-2005 Trust). The following have no low-doc loans: FirstMac Bond 
Series 1E-2006 Trust, FirstMac Mortgage Funding Trust Series 1E-2007, FirstMac 
Mortgage Funding Trust Series 2-2011, FirstMac Mortgage Funding Trust Series 
1E-2013, FirstMac Mortgage Funding Trust RMBS Series 3-2012 and FirstMac 
Mortgage Funding Trust Series 2E-2013.

All transactions have LMI provided by one or more of the following insurers; QBE 
Lenders' Mortgage Insurance Limited (Insurer Financial Strength rating: 
AA-/Stable), Genworth Financial Mortgage Insurance Pty Ltd, and Housing Loan 
Insurance Corporation. No transactions have experienced any losses to date.

RATING SENSITIVITIES

The sequential pay-down has enhanced credit enhancement for senior notes, 
especially for well-seasoned transactions. As at end-January 2014, the senior 
notes could withstand multiples of latest-reported arrears. Class A notes remain 
independent of a downgrade to the LMI provider's rating. Class AB notes of 
recently originated transactions remain sensitive to any change in the LMI 
providers' ratings. Initial Key Rating Drivers and Rating Sensitivities are 
further discussed in the New Issue reports listed under "Related Research". 
Included as an appendix to the reports for Firstmac Mortgage Funding Trust 
Series 2E-2013, Firstmac Mortgage Funding Trust Series 1E-2013, Firstmac 
Mortgage Funding Trust Series 3-2012, Firstmac Mortgage Funding Trust Series 
1-2012 and FirstMac Mortgage Funding Trust Series 2-2011 are a description of 
the representations, warranties and enforcement mechanism.

The full list of rating actions is as follows:

FirstMac Bond Series 2-2005 Trust:

AUD76.6m Class A1 (ISIN AU300FMA5015) affirmed at 'AAAsf'; Outlook Stable;

AUD4.4m Class AB (ISIN AU300FMA5023) affirmed at 'AAAsf'; Outlook Stable; and

AUD16.5m Class B (ISIN AU300FMA5031) affirmed at 'BBsf'; Outlook Stable.

FirstMac Bond Series 1C-2006:

AUD129m Class A (ISIN AU3FN0010708) affirmed at 'AAAsf'; Outlook Stable.

FirstMac Bond Series 1E-2006 Trust:

EUR68.8m Class A (ISIN XS0250012498) affirmed at 'AAAsf'; Outlook Stable; and

AUD50.5m Class B (ISIN AU300FMA9017) affirmed at 'BBsf'; Outlook Stable.

FirstMac Mortgage Funding Trust Series 1-2007:

AUD133.8m Class A (ISIN AU0000FMAHA0) affirmed at 'AAAsf'; Outlook Stable;

AUD16.3m Class AB (ISIN AU3FN0001889) affirmed at 'AAAsf'; Outlook Stable; and

AUD27m Class B (ISIN AU3FN0001897) affirmed at 'BBsf'; Outlook Stable.

FirstMac Mortgage Funding Trust Series 1E-2007:

EUR58.1m Class A1 (ISIN XS0305486127) affirmed at 'AAAsf'; Outlook Stable;

Class A-1 Currency Swap Obligation affirmed at 'AAAsf'; Outlook Stable;

AUD153.3m Class A2 (ISIN AU3FN0003026) affirmed at 'AAAsf'; Outlook Stable; and

AUD16.3m Class B (ISIN AU3FN0003018) affirmed at 'BBsf'; Outlook Stable.

FirstMac Mortgage Funding Trust Series 2-2008:

AUD127.1m Class A-2 (ISIN AU3FN0007050) affirmed at 'AAAsf'; Outlook Stable;

AUD39m Class AB (ISIN AU3FN0007068) affirmed at 'AAAsf'; Outlook Stable;

AUD13.8m Class B-1 (ISIN AU3FN0007076) affirmed at 'AAsf'; Outlook Stable; and

AUD5.5m Class B-2 (ISIN AU3FN0007084) affirmed at 'BBsf'; Outlook Stable.

FirstMac Mortgage Funding Trust Series 1-2009:

AUD182.1 m Class A-3 (ISIN AU3FN0008413) affirmed at 'AAAsf'; Outlook Stable;

AUD40.6m Class AB (ISIN AU3FN0008421) affirmed at 'AAAsf'; Outlook Stable;

AUD11.5m Class B-1 (ISIN AU3FN0008439) affirmed at 'AAsf'; Outlook Stable; and

AUD6.3m Class B-2 (ISIN AU3FN0008447) affirmed at 'BBsf'; Outlook Stable.

FirstMac Mortgage Funding Trust Series 2-2009:

AUD215.2m Class A-2 (ISIN AU3FN0009494) affirmed at 'AAAsf'; Outlook Stable;

AUD19.7m Class AB (ISIN AU3FN0009502) affirmed at 'AAAsf'; Outlook Stable; and

AUD16m Class B-1 (ISINAU3FN0009510) affirmed at 'BBBsf'; Outlook Stable.

FirstMac Mortgage Funding Trust Series 1-2010:

AUD44.2m Class A-2 (ISIN AU3FN0011433) affirmed at 'AAAsf'; Outlook Stable; 

AUD173.7m Class A-3 (ISIN AU3FN0011441) affirmed at 'AAAsf'; Outlook Stable; and

AUD28.8m Class AB (ISIN AU3FN0011458) affirmed at 'AAAsf'; Outlook Stable. 

Class A-1 was paid in full in June 2013

FirstMac Mortgage Funding Trust Series 2-2011:

AUD114.8m Class A-2 (ISIN AU3FN0014775) affirmed at 'AAAsf'; Outlook Stable;

AUD87.7m Class A-3 (ISIN AU3FN0014783) affirmed at 'AAAsf'; Outlook Stable;

AUD7.4m Class A-4 (ISIN AU3FN0014817) affirmed at 'AAAsf'; Outlook Stable; and

AUD11.7m Class AB (ISIN AU3FN0014791) affirmed at 'AAAsf'; Outlook Stable.

FirstMac Mortgage Funding Trust Series 1-2012:

AUD80m Class A-1 (ISIN AU3FN0016127) affirmed at 'AAAsf'; Outlook Stable;

AUD131.1m Class A-2 (ISIN AU3FN0016135) affirmed at 'AAAsf'; Outlook Stable; and 


AUD13.4m Class AB (ISIN AU3FN0016143) affirmed at 'AAAsf'; Outlook Stable. 

FirstMac Mortgage Funding Trust RMBS Series 3-2012:

AUD250.4m Class A-1 (ISIN AU3FN0017570) affirmed at 'AAAsf'; Outlook Stable;

AUD73m Class A-2 (ISIN AU3CB0203313) affirmed at 'AAAsf'; Outlook Stable; and 

AUD18.5m Class AB (ISIN AU3FN0017588) affirmed at 'AAAsf'; Outlook Stable.

FirstMac Mortgage Funding Trust Series 1E-2013:

AUD252.6m Class A-1 (ISIN AU3FN0019436) affirmed at 'AAAsf'; Outlook Stable;

GBP92m Class A-2 (ISIN XS0942504639) affirmed at 'AAAsf'; Outlook Stable; and

AUD22m Class AB (ISIN AU3FN0019279) affirmed at 'AAAsf'; Outlook Stable. 

FirstMac Mortgage Funding Trust Series 2E-2013:

AUD197.7m Class A-1 (ISIN AU3FN0020939) affirmed at 'AAAsf'; Outlook Stable; and

GBP85m Class A-2 (ISIN XS0993136174) affirmed at 'AAAsf'; Outlook Stable. 

A comparison of the transaction's representations, warranties and enforcement 
mechanisms (RW&Es) to those of typical RW&Es for this asset class is available 
by accessing the reports and/or links given under Related Research below.

Contacts:

Lead Surveillance Analyst

James Zanesi

Director

+61 2 8256 0306

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

Committee Chairperson

Natasha Vojvodic

Senior Director

+61 2 8256 0350 

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

The source of information used to assess these ratings was the servicer, 
FirstMac Limited. The issuer has informed Fitch that not all relevant underlying 
information used in the analysis of the rated notes is public.

Additional information is available on www.fitchratings.com.

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 14 
May 2013; "Counterparty Criteria for Structured Finance and Covered Bonds: 
Derivative Addendum", dated 14 May 2013; and "Criteria for Rating Currency Swap 
Obligations of an SPV in Structured Finance Transactions and Covered Bonds", 
dated 5 August 2013 are available at www.fitchratings.com.

Related research: 

Representations, Warranties and Enforcement Mechanisms in Global Structured 
Finance Transactions", dated 17 April 2012;

"FirstMac Mortgage Funding Trust Series 1-2009" dated 5 June 2009;

"FirstMac Mortgage Funding Trust Series 2-2009" dated 24 November 2009;

"FirstMac Mortgage Funding Trust Series 1-2010" dated 9 September 2010;

"FirstMac Mortgage Funding Trust Series 2-2011" dated 22 December 2011;

"FirstMac Mortgage Funding Trust Series 1-2012" dated 9 August 2012;

"FirstMac Mortgage Funding Trust RMBS Series 3-2012" dated 18 December 2012;

"FirstMac Mortgage Funding Trust Series 1E-2013" dated 17 June 2013; and

"FirstMac Mortgage Funding Trust Series 2E-2013" dated 21 November 2013.

Individual representations, warranties, and enforcement mechanisms reports are 
available for all structured finance transactions initially rated on or after 26 
September 2011 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

Criteria for Rating Currency Swap Obligations of an SPV in Structured Finance 
Transactions and Covered Bonds

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=715253

Representations, Warranties, and Enforcement Mechanisms in Global Structured 
Finance Transactions -- Amended

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=676496

FirstMac Mortgage Funding Trust Series 1-2009 (Australia RMBS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=444972

FirstMac Mortgage Funding Trust Series 2-2009 (Australia RMBS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=488766

FirstMac Mortgage Funding Trust Series 1-2010

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=556705

FirstMac Mortgage Funding Trust Series 2-2011 

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=662990

FirstMac Mortgage Funding Trust Series 1-2012 - Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=685710

FirstMac Mortgage Funding Trust Series 3-2012

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=697270

Firstmac Mortgage Funding Trust Series 2E-2013

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=724201

Firstmac Mortgage Funding Trust Series 1E-2013 - New Issue

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=710815

Additional Disclosure 

Solicitation Status 

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=823791

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 
PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: 
HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. 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.

(Repeat for additional subscribers)

March 14 (Reuters) - (The following statement was released by the rating agency)

Fitch Ratings has affirmed 41 classes of notes issued under 14 FirstMac RMBS transactions. Fitch has also affirmed the rating of the currency swap obligation on the class A-1 notes of FirstMac Mortgage Funding Trust Series 1E-2007. All transactions are backed by pools of conforming Australian residential mortgages sourced directly or by way of third-party introducers. The mortgages were originated in the name of nominee companies on behalf of the trustee, FirstMac Fiduciary Services Pty Ltd, and sold to the various trusts by FirstMac warehouses. The full list of rating actions can be found at the end of this commentary.

KEY RATING DRIVERS

The affirmations reflect Fitch's view that available credit enhancement supports the notes at their current ratings, the agency's expectations of Australia's economic conditions, and that the credit quality and performance of the underlying loans have remained within the agency's expectations.

All transactions are paying down on a sequential basis with principal collections being allocated to the senior notes with the exception of FirstMac Mortgage Funding Trust Series 1E-2007, FirstMac Mortgage Funding Trust Series 2-2008, FirstMac Mortgage Funding Trust Series 1-2010 and the Class A and AB notes in FirstMac Bond Series 2-2005 Trust and FirstMac Mortgage Funding Trust Series 1-2007. FirstMac Mortgage Funding Trust Series 1E-2007 is expected to revert to sequential pay down starting from the investment payment date in March 2014. The amortisation of the notes has resulted in improvements in credit enhancement.

As at end-January 2013, 30+ days arrears ranged between 0.1% for FirstMac Mortgage Funding Trust Series 2E-2013 and 3.4% for FirstMac Bond Series 2-2005 Trust. Since closing 231 loans have defaulted and originated a loss across the outstanding Fitch rated transactions. Lenders' mortgage insurance (LMI) has paid 86.6% of these losses and the rest has been covered either by excess spread or by the originator.

The reported weighted average current loan-to-value ratio (WA LVR) ranged from 58.9% (FirstMac Mortgage Funding Trust Series 1E-2007) to 71.2% (FirstMac Mortgage Funding Trust Series 1-2009). Indexation was negative for FirstMac Mortgage Funding Trust Series 1-2010, as the WA LVR increased to 74.3% from 73.3% due to geographical concentration in Queensland and the seasoning of the loans. FirstMac Bond Series 1E-2006 Trust benefitted the most from indexation with WA LVR improving to 60.5% from 69.4%. FirstMac Mortgage Funding Trust Series 1E-2007 had the lowest indexed WA LVR (52.3%).

The pools contain a significant portion of loans collateralised by investment properties, ranging from 37.6% (FirstMac Mortgage Funding Trust Series 2E-2013) to 66.9% (FirstMac Mortgage Funding Trust Series 1-2007). The portion of interest-only loans is also relatively high ranging from 26.9% (FirstMac Mortgage Funding Trust Series 1E-2007) to 70.0% (FirstMac Bond Series 1C-2006).

FirstMac Mortgage Funding Trust Series 1-2007 has a significant portion of low doc loans (85.9%). The portion of low-doc loans is limited in other transactions, ranging from 17.6% (FirstMac Bond Series 1C-2006 to 1.1% (FirstMac Bond Series 2-2005 Trust). The following have no low-doc loans: FirstMac Bond Series 1E-2006 Trust, FirstMac Mortgage Funding Trust Series 1E-2007, FirstMac Mortgage Funding Trust Series 2-2011, FirstMac Mortgage Funding Trust Series 1E-2013, FirstMac Mortgage Funding Trust RMBS Series 3-2012 and FirstMac Mortgage Funding Trust Series 2E-2013.

All transactions have LMI provided by one or more of the following insurers; QBE Lenders' Mortgage Insurance Limited (Insurer Financial Strength rating: AA-/Stable), Genworth Financial Mortgage Insurance Pty Ltd, and Housing Loan Insurance Corporation. No transactions have experienced any losses to date.

RATING SENSITIVITIES

The sequential pay-down has enhanced credit enhancement for senior notes, especially for well-seasoned transactions. As at end-January 2014, the senior notes could withstand multiples of latest-reported arrears. Class A notes remain independent of a downgrade to the LMI provider's rating. Class AB notes of recently originated transactions remain sensitive to any change in the LMI providers' ratings. Initial Key Rating Drivers and Rating Sensitivities are further discussed in the New Issue reports listed under "Related Research".

Included as an appendix to the reports for Firstmac Mortgage Funding Trust Series 2E-2013, Firstmac Mortgage Funding Trust Series 1E-2013, Firstmac Mortgage Funding Trust Series 3-2012, Firstmac Mortgage Funding Trust Series 1-2012 and FirstMac Mortgage Funding Trust Series 2-2011 are a description of the representations, warranties and enforcement mechanism.

The full list of rating actions is as follows:

FirstMac Bond Series 2-2005 Trust:

AUD76.6m Class A1 (ISIN AU300FMA5015) affirmed at 'AAAsf'; Outlook Stable;

AUD4.4m Class AB (ISIN AU300FMA5023) affirmed at 'AAAsf'; Outlook Stable; and

AUD16.5m Class B (ISIN AU300FMA5031) affirmed at 'BBsf'; Outlook Stable.

FirstMac Bond Series 1C-2006:

AUD129m Class A (ISIN AU3FN0010708) affirmed at 'AAAsf'; Outlook Stable.

FirstMac Bond Series 1E-2006 Trust:

EUR68.8m Class A (ISIN XS0250012498) affirmed at 'AAAsf'; Outlook Stable; and

AUD50.5m Class B (ISIN AU300FMA9017) affirmed at 'BBsf'; Outlook Stable.

FirstMac Mortgage Funding Trust Series 1-2007:

AUD133.8m Class A (ISIN AU0000FMAHA0) affirmed at 'AAAsf'; Outlook Stable;

AUD16.3m Class AB (ISIN AU3FN0001889) affirmed at 'AAAsf'; Outlook Stable; and

AUD27m Class B (ISIN AU3FN0001897) affirmed at 'BBsf'; Outlook Stable.

FirstMac Mortgage Funding Trust Series 1E-2007:

EUR58.1m Class A1 (ISIN XS0305486127) affirmed at 'AAAsf'; Outlook Stable;

Class A-1 Currency Swap Obligation affirmed at 'AAAsf'; Outlook Stable;

AUD153.3m Class A2 (ISIN AU3FN0003026) affirmed at 'AAAsf'; Outlook Stable; and

AUD16.3m Class B (ISIN AU3FN0003018) affirmed at 'BBsf'; Outlook Stable.

FirstMac Mortgage Funding Trust Series 2-2008:

AUD127.1m Class A-2 (ISIN AU3FN0007050) affirmed at 'AAAsf'; Outlook Stable;

AUD39m Class AB (ISIN AU3FN0007068) affirmed at 'AAAsf'; Outlook Stable;

AUD13.8m Class B-1 (ISIN AU3FN0007076) affirmed at 'AAsf'; Outlook Stable; and

AUD5.5m Class B-2 (ISIN AU3FN0007084) affirmed at 'BBsf'; Outlook Stable.

FirstMac Mortgage Funding Trust Series 1-2009:

AUD182.1 m Class A-3 (ISIN AU3FN0008413) affirmed at 'AAAsf'; Outlook Stable;

AUD40.6m Class AB (ISIN AU3FN0008421) affirmed at 'AAAsf'; Outlook Stable;

AUD11.5m Class B-1 (ISIN AU3FN0008439) affirmed at 'AAsf'; Outlook Stable; and

AUD6.3m Class B-2 (ISIN AU3FN0008447) affirmed at 'BBsf'; Outlook Stable.

FirstMac Mortgage Funding Trust Series 2-2009:

AUD215.2m Class A-2 (ISIN AU3FN0009494) affirmed at 'AAAsf'; Outlook Stable;

AUD19.7m Class AB (ISIN AU3FN0009502) affirmed at 'AAAsf'; Outlook Stable; and

AUD16m Class B-1 (ISINAU3FN0009510) affirmed at 'BBBsf'; Outlook Stable.

FirstMac Mortgage Funding Trust Series 1-2010:

AUD44.2m Class A-2 (ISIN AU3FN0011433) affirmed at 'AAAsf'; Outlook Stable;

AUD173.7m Class A-3 (ISIN AU3FN0011441) affirmed at 'AAAsf'; Outlook Stable; and

AUD28.8m Class AB (ISIN AU3FN0011458) affirmed at 'AAAsf'; Outlook Stable.

Class A-1 was paid in full in June 2013

FirstMac Mortgage Funding Trust Series 2-2011:

AUD114.8m Class A-2 (ISIN AU3FN0014775) affirmed at 'AAAsf'; Outlook Stable;

AUD87.7m Class A-3 (ISIN AU3FN0014783) affirmed at 'AAAsf'; Outlook Stable;

AUD7.4m Class A-4 (ISIN AU3FN0014817) affirmed at 'AAAsf'; Outlook Stable; and

AUD11.7m Class AB (ISIN AU3FN0014791) affirmed at 'AAAsf'; Outlook Stable.

FirstMac Mortgage Funding Trust Series 1-2012:

AUD80m Class A-1 (ISIN AU3FN0016127) affirmed at 'AAAsf'; Outlook Stable;

AUD131.1m Class A-2 (ISIN AU3FN0016135) affirmed at 'AAAsf'; Outlook Stable; and

AUD13.4m Class AB (ISIN AU3FN0016143) affirmed at 'AAAsf'; Outlook Stable.

FirstMac Mortgage Funding Trust RMBS Series 3-2012:

AUD250.4m Class A-1 (ISIN AU3FN0017570) affirmed at 'AAAsf'; Outlook Stable;

AUD73m Class A-2 (ISIN AU3CB0203313) affirmed at 'AAAsf'; Outlook Stable; and

AUD18.5m Class AB (ISIN AU3FN0017588) affirmed at 'AAAsf'; Outlook Stable.

FirstMac Mortgage Funding Trust Series 1E-2013:

AUD252.6m Class A-1 (ISIN AU3FN0019436) affirmed at 'AAAsf'; Outlook Stable;

GBP92m Class A-2 (ISIN XS0942504639) affirmed at 'AAAsf'; Outlook Stable; and

AUD22m Class AB (ISIN AU3FN0019279) affirmed at 'AAAsf'; Outlook Stable.

FirstMac Mortgage Funding Trust Series 2E-2013:

AUD197.7m Class A-1 (ISIN AU3FN0020939) affirmed at 'AAAsf'; Outlook Stable; and

GBP85m Class A-2 (ISIN XS0993136174) affirmed at 'AAAsf'; Outlook Stable.

A comparison of the transaction's representations, warranties and enforcement mechanisms (RW&Es) to those of typical RW&Es for this asset class is available by accessing the reports and/or links given under Related Research below.

((Bangalore Ratings Team, Hotline: +91 80 6677 2513 satish.kb@thomsonreuters.com, Group id: BangaloreRatings@thomsonreuters.com, Reuters Messaging: satish.kb.thomsonreuters.com@reuters.net))

Keywords: Fitch Affirms Ratings of 41 FirstMac RMBS Tranches