OREANDA-NEWS. Fitch Ratings has affirmed the ratings of 15 tranches from three Crusade ABS Series transactions. The transactions are securitisations of Australian auto receivables originated by St.George Finance Limited.

The rating actions are listed below:

Crusade ABS Series 2012-1 Trust:
AUD328.7m Class A affirmed at 'AAAsf'; Outlook Stable;
AUD26.3m Class B affirmed at 'AAsf'; Outlook Stable;
AUD15.8m Class C affirmed at 'Asf'; Outlook Stable;
AUD10.5m Class D affirmed at 'BBBsf'; Outlook Stable; and
AUD9.7m Class E affirmed at 'BBsf'; Outlook Stable.

Crusade ABS Series 2013-1 Trust:
AUD555m Class A notes affirmed at 'AAAsf'; Outlook Stable;
AUD32.8m Class B notes affirmed at 'AAsf'; Outlook Stable;
AUD24.6m Class C notes affirmed at 'Asf'; Outlook Stable;
AUD19.7m Class D notes affirmed at 'BBBsf'; Outlook Stable;
AUD11.5m Class E notes affirmed at 'BBsf'; Outlook Stable;

Crusade ABS Series 2015-1 Trust:
AUD648m Class A notes affirmed at 'AAAsf'; Outlook Stable;
AUD40m Class B notes affirmed at 'AAsf'; Outlook Stable;
AUD29m Class C notes affirmed at 'Asf'; Outlook Stable;
AUD25.5m Class D notes affirmed at 'BBBsf'; Outlook Stable;
AUD16m Class E notes affirmed at 'BBsf'; Outlook Stable;

KEY RATING DRIVERS
The affirmations reflect Fitch's view that the transactions have performed within expectations since closing and in line with its expectations of Australia's economic conditions. Total net losses have been below or in line with Fitch's base cases to date and excess spread has covered any losses incurred. The ratings also reflect St.George Finance Limited's underwriting and servicing capabilities, the quality of the collateral, and performance of the underlying loans, which have remained in line with the agency's expectations.

Crusade ABS Series 2015-1 Trust is currently within a 12-month substitution period, which ends on the payment date in May 2016, and to date, all principal proceeds have been allocated to purchasing additional receivables or have been retained to purchase additional receivables. Crusade ABS Series 2015-1 Trust's arrears and losses are low given the transaction has been issued recently in March 2015.

The substitution periods for Crusade ABS Series 2012-1 Trust and Crusade ABS Series 2013-1 Trust have ended and the transactions' pro-rata triggers have been satisfied, with the transactions amortising pari passu across all notes, limiting the build-up of credit enhancement.

At 31 August 2015, 30+days arrears for both transactions were above Fitch's Dinkum ABS index of 1.34%.

Crusade ABS Series 2013-1 Trust: 30+days and 90+days delinquency rates were 2.2% and 0.7% of the collateral pool, respectively, at 31 August 2015. Cumulative losses since closing have been in line with expectations, totalling AUD5.7m. All losses have been covered by recoveries or excess spread.

Crusade ABS Series 2012-1 Trust: 30+days and 90+day delinquency rates were 3.3% and 1.2% of the collateral pool, respectively, at 31 August 2015. Cumulative losses since closing have been in line with expectations, totalling AUD14.0m. All losses have been covered by recoveries or excess spread.

RATING SENSITIVITIES
An unexpected increase in delinquencies, defaults and losses would be necessary before any negative rating action would be considered. An upgrade may be considered in the event that net losses stabilise.

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 St.George Finance Limited compared to its 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.