Fitch-Rated Australian RMBS in Seventh AOFM Auction Performing Within Expectations
The current ratings are listed below (balances as of the latest reporting):
Apollo Series 2009-1 Trust (Apollo 2009-1)
AUD177.3m Class A3 (ISIN AU3FN0008967) rated 'AAAsf'; Outlook Stable.
FirstMac Mortgage Funding Trust Series 2-2011 (FirstMac 2-2011)
AUD87.7m Class A3 (AU3FN0014783) rated 'AAAsf'; Outlook Stable.
RESIMAC Triomphe Trust - RESIMAC Premier Series 2012-1 (RESIMAC 2012-1)
AUD44.4m Class A2 (AU3FN0015772) rated 'AAAsf'; Outlook Stable.
RESIMAC 2012-1 and FirstMac 2-2011 have arrears of 0.14% and 0.87% , below Fitch's Dinkum Index, which measures industry-wide performance (2Q15:1.12%). Apollo 2009-1 has arrears above the Index at 1.18%.
The three transactions have performed within Fitch's expectations, with minimal levels of defaults and losses at less than or equal to 0.07% of the original balance.
All transactions are 100% covered by mortgage insurance, with policies provided by Genworth Financial Mortgage Insurance Pty Ltd (Insurer Financial Strength Rating: A+/Stable) and QBE Lenders' Mortgage Insurance Limited (Insurer Financial Strength Rating: AA-/Stable).
The ratings of all the transactions' notes are independent of downgrades to the lenders' mortgage insurance providers' ratings.