OREANDA-NEWS. Fitch Ratings says that the downgrade of National Westminster Bank plc (NatWest), which is a currency swap provider in Crusade Global Trust No.1 of 2007, had no impact on the transaction because the transaction features Westpac Banking Corporation (AA-/F1+, Stable) as a standby swap provider. According to the transaction documents, Westpac will step in if NatWest is insolvent and/or defaults on a payment (taking into account the documented cure period).

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.