Fitch Affirms Ratings of 7 Conforming RESIMAC Transactions

(The following statement was released by the rating agency)

SYDNEY, March 12 (Fitch) Fitch Ratings has affirmed the ratings of seven 
conforming RMBS transactions issued by Perpetual Trustee Company Limited in its 
capacity as trustee of the RESIMAC Triomphe Trusts. The transactions are backed 
by pools of Australian conforming residential mortgages originated by RESIMAC 
Limited. 

The transactions are: RESIMAC Premier Series 2009-1 (RESIMAC 2009-1); RESIMAC 
Premier Series 2009-2 (RESIMAC 2009-2); RESIMAC Premier Series 2010-1 (RESIMAC 
2010-1); RESIMAC Premier Series 2010-2 (RESIMAC 2010-2); RESIMAC Premier Series 
2011-1 (RESIMAC 2011-1); RESIMAC Premier Series 2012-1 (RESIMAC 2012-1); and 
RESIMAC Premier Series 2013-1 (RESIMAC 2013-1). 

The full list of rating actions can be found at the end of this commentary.

KEY RATING DRIVERS 

The rating actions 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. Arrears and 
losses have been consistently low, while excess spread has remained stable. The 
ratings also reflect RESIMAC Limited's mortgage underwriting and servicing 
capabilities.

At 31 January 2014, 30+ days arrears levels for six of the seven RESIMAC 
transactions were below Fitch's Dinkum Index of 1.21%. RESIMAC 2010-1 RMBS Trust 
had the highest level of arrears at 4.1% primarily due to the higher level of 
low documentation loans, while RESIMAC 2011-1 recorded the lowest level at 0.3%.

All transactions are 100% covered by lenders' mortgage insurance (LMI). The 
transactions have experienced low levels of losses, with all losses covered by 
LMI or excess spread.

RATING SENSITIVITIES 

Unexpected increases 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. The ratings of the transactions' Class A notes are 
independent of downgrades to the LMI providers' ratings.

The ratings of RESIMAC 2012-1Class A1-B and RESIMAC 2013-1 Class A2-B notes are 
linked to National Australia Bank Limited's (NAB, AA-/F1+/Stable) Short-Term 
Issuer Default Rating (IDR) of 'F1+'.

Fitch's initial key rating drivers and rating sensitivities are further 
discussed in the transactions' corresponding New Issue reports listed under 
"Related Research".  Included as an appendix to the reports for RESIMAC 2012-1 
and RESIMAC 2013-1 are a description of the representations, warranties, and 
enforcement mechanisms.

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

RESIMAC 2009-1:

AUD157.3m Class A3 affirmed at 'AAAsf'; Outlook Stable;

AUD9.1m Class AB affirmed at 'AAAsf'; Outlook Stable;

AUD5.5m Class B1 affirmed at 'AAsf'; Outlook Stable; and

AUD6.9m Class B2 affirmed at 'BBsf'; Outlook Stable. 

RESIMAC 2009-2:

AUD86.2m Class A2 affirmed at 'AAAsf'; Outlook Stable;

AUD9.4m Class AB affirmed at 'AAAsf'; Outlook Stable; and

AUD3.1m Class B1 affirmed at 'AAsf'; Outlook Stable. 

RESIMAC 2010-1:

AUD71.9m Class A affirmed at 'AAAsf'; Outlook Stable;

AUD10.1m Class AB affirmed at 'AAAsf'; Outlook Stable; and

AUD2.3m Class B1 affirmed at 'Asf'; Outlook Stable. 

RESIMAC 2010-2:

AUD40.7 m Class A1 affirmed at 'AAAsf'; Outlook Stable;

AUD148.0m Class A2 affirmed at 'AAAsf'; Outlook Stable; and

AUD22.2m Class AB affirmed at 'AAAsf'; Outlook Stable. 

RESIMAC 2011-1:

AUD198.4m Class A affirmed at 'AAAsf'; Outlook Stable; and

AUD17.7m Class AB affirmed at 'AAAsf'; Outlook Stable.

RESIMAC 2012-1:

USD210.0m Class A1-B affirmed at 'F1+sf';

AUD0.0m Class A1-R affirmed at 'AAAsf'; Outlook Stable;

AUD118.9m Class A2 affirmed at 'AAAsf'; Outlook Stable; and

AUD25.0m Class AB affirmed at 'AAAsf'; Outlook Stable.

RESIMAC 2013-1:

USD260m Class A2-B notes: 'F1+sf';

AUD0m Class A2-R notes: 'AAAsf'; Outlook Stable;

AUD253.3m Class A3 notes: 'AAAsf'; Outlook Stable; and

AUD44.6m Class AB notes: 'AAAsf'; Outlook Stable.

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

Natasha Vojvodic

Senior Director

+61 2 8256 0350

The source of information used to assess these ratings was the servicer (RESIMAC 
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; "Global Criteria for Lenders' Mortgage 
Insurance in RMBS" dated 1 August 2013; "APAC Residential Mortgage Criteria", 
dated 1 August 2013; and "APAC Residential Mortgage Criteria Addendum - 
Australia", dated 1 August 2013, are available at www.fitchratings.com.

Related Research 

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

'RESIMAC Triomphe Trust - RESIMAC Premier Series 2009-1', dated 28 May 2009;

'RESIMAC Triomphe Trust - RESIMAC Premier Series 2009-2', dated 28 October 2009; 


'RESIMAC Triomphe Trust - RESIMAC Premier Series 2010-1', dated 17 May 2010; 

'RESIMAC Triomphe Trust - RESIMAC Premier Series 2010-2', dated 25 November 
2010; 

'RESIMAC Triomphe Trust - RESIMAC Premier Series 2011-1', dated 19 May 2011; 

'RESIMAC Triomphe Trust - RESIMAC Premier Series 2012-1', dated 14 June 2012; 
and 

'RESIMAC Triomphe Trust - RESIMAC Premier Series 2013-1, dated 20 March 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.

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: 

APAC Residential Mortgage Criteria Addendum – Australia - Amended

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

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

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

RESIMAC Triomphe Trust - RESIMAC Premier Series 2009-1 (Australia RMBS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=442568

RESIMAC Triomphe Trust - RESIMAC Premier Series 2009-2 (Australia RMBS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=477368

RESIMAC Triomphe Trust - RESIMAC Premier Series 2010-1 (Australia RMBS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=528265

RESIMAC Triomphe Trust – RESIMAC Premier Series 2010-2

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=580005

RESIMAC Triomphe Trust - RESIMAC Premier Series 2011-1

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=622389

RESIMAC Triomphe Trust - RESIMAC Premier Series 2012-1

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=681672

RESIMAC Triomphe Trust - RESIMAC Premier Series 2013-1

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=703697

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

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

Additional Disclosure 

Solicitation Status 

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=823562

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licence no. 337123) which authorises it to provide credit ratings to wholesale 
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