No Impact on Crusade Global Trust No.1 of 2007 Following NatWest Downgrade
On 19 May 2015, Fitch Ratings downgraded NatWest's Long- and Short-term Issuer Default Ratings (IDRs) to 'BBB+'/F2' from 'A/F1'; Outlook Stable. The rating action was in conjunction with Fitch's review of sovereign support for banks globally, which the agency announced in March 2014.
NatWest is posting collateral to reflect the transaction's documentation, despite the presence of the standby swap provider.
The current ratings of Crusade Global Trust No.1 of 2007 are as follow:
Class A-1 at 'AAAsf'; Outlook Stable;
Class A-2 at 'AAAsf'; Outlook Stable;
Class A-3 at 'AAAsf'; Outlook Stable;
Class B at 'AA+sf'; Outlook Stable; and
Class C at 'BBBsf; Outlook Stable.
Fitch also rates the Class A-1 Currency Swap Obligation and Class A-2 Currency Swap Obligation at 'AAAsf'; Outlook Stable.
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