OREANDA-NEWS. Fitch Ratings has affirmed the ratings of Crusade Trust No. 2P of 2008 as shown below (the note balance is as of 31 March 2015). The transaction is a securitisation backed by a pool of Australian residential mortgages originated by Westpac Banking Corporation (Westpac, AA-/Stable/F1+), which became successor in law to St.George Bank Ltd in March 2010. The rating actions are as follows:

AUD28,700m Class A (AU3FN0019931) notes affirmed at 'AAAsf'; Outlook Stable.

KEY RATING DRIVERS
The affirmation reflects Fitch's view that the available credit enhancement is sufficient to support the notes' current rating, and the agency's expectations of Australia's economic conditions. Credit quality and performance of the underlying loans have remained within the agency's expectations.

At 31 March 2015, 30+ days arrears were 1.21%, compared to Fitch's 1Q15 Dinkum RMBS Prime Index of 1.17%. Lender's mortgage insurance (LMI) provided by QBE Lenders' Mortgage Insurance Limited (Insurer Financial Strength Rating AA-/Stable), Westpac Lenders Mortgage Insurance Limited (WLMI, formerly St.George Insurance Australia Pty Limited, AA-/Stable), Genworth Financial Mortgage Insurance Pty Ltd (Insurer Financial Strength Rating A+/Stable), covers 32.8% of the loans within the pool.

This transaction currently has an 11 year revolving period, ending in January 2019. Fitch is comfortable with the long revolving period because the portfolio stratifications have not changed significantly since issuance, Westpac's product mix has not materially changed over this period, and the portfolio is performing as expected.

RATING SENSITIVITIES
The Class A notes can withstand a one notch downgrade to the LMI provider's ratings.

At the 'AAAsf' modelled loss severity of 39.59%, the transaction can withstand an increase in foreclosures to 13.39%.

DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation to this rating action.

DATA ADEQUACY
Fitch conducted a file review of 10 sample loan files focusing on the underwriting procedures conducted by Westpac Banking Corporation compared to Westpac Banking Corporation's credit policy at the time of underwriting. Fitch has checked the consistency and plausibility of the information and no material discrepancies were noted that would impact Fitch's rating analysis.

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.