Fitch Assigns RESIMAC Premier Series 2013-1 Class A2-B Expected Ratings

(The following statement was released by the rating agency)

SYDNEY, February 27 (Fitch) Fitch Ratings has assigned expected ratings and 
outlooks to RESIMAC Premier Series 2013-1 Class A2-B's mortgage-backed 
floating-rate notes. The ratings are as follows:

USD0m Class A2-B notes: 'F1+sf(EXP)'.

The A2-B notes will be issued in US dollars and will amount to the equivalent of 
AUD291m. They will be issued by Perpetual Trustee Company Limited in its 
capacity as trustee for RESIMAC Triomphe Trust in respect of Premier Series 
2013-1. 

KEY RATING DRIVERS

The expected rating on the proposed Class A2-B notes is linked to National 
Australia Bank Limited's (NAB, AA-/F1+/Stable) Short-Term Issuer Default Rating 
(IDR) of 'F1+'. The notes will mature in March 2015 and will be repaid from the 
monies in the redemption account and the issuance of Class A2-R notes either to 
the market or subscribed for by NAB.

The transaction continues to perform in line with Fitch's expectations at 
origination, and has since issuance paid down from AUD750m to approximately 
AUD630m. 

The ratings on the remaining notes are unchanged, and are as follows (balances 
as at 7 February 2013): 

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

AUD264.1m Class A3 notes: 'AAAsf'; Outlook Stable;

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

AUD26.3m Class B-1 notes: Not Rated; and

AUD4.1m Class B-2 notes: Not Rated.

The Class A2-B notes are being issued to refinance the Class A2-A notes on their 
maturity date of 7 March 2014. The Class A2-A notes were originally issued in 
March 2013 as part of a AUD750m RMBS issue by Resimac Limited. The refinancing 
of the Class A2-A notes was contemplated at origination and is detailed in the 
Fitch new issue report dated 20 March 2013. 

In the event that the Class A2-B notes cannot be issued, NAB as the redemption 
facility provider, will subscribe to the Class A2-R notes and fund the Class 
A2-A note redemption. 

The assignment of the final rating is contingent on the receipt of final 
documents conforming to information already received.

RATING SENSITIVITIES

Negative rating actions may result from changes in NAB's Short-Term IDR.

Fitch's initial rating drivers and rating sensitivities analysis are discussed 
in the new issue report entitled "RESIMAC Triomphe Trust - RESIMAC Premier 
Series 2013-1", available on www.fitchratings.com. Included as an appendix to 
the report are a description of the representations, warranties, and enforcement 
mechanisms.

Contacts: 

Primary Analyst

Courtney Miller

Analyst

+61 2 8256 0347

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

Secondary Analyst

Ben Newey

Director

+61 2 8256 0341

Committee Chairperson

Natasha Vojvodic

Senior Director, 

+61 2 8256 0350

The source of information used to assess these ratings was Resimac Limited and 
their legal counsel, King and Wood Mallesons. The issuer has informed Fitch that 
not all relevant information about the rated notes is public.

Applicable criteria, "Global Structured Finance Rating Criteria", dated 24 May 
2013; "APAC Residential Mortgage Criteria", dated 1 August 2013; "APAC 
Residential Mortgage Criteria Addendum - Australia", dated 1 August 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; and "Global Criteria for Lender's 
Mortgage Insurance in RMBS", 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

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

Global Criteria for Lenders’ Mortgage Insurance in RMBS

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

Additional Disclosure 

Solicitation Status 

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=821972

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PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: 
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DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S 
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METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF 
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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.