MTG QCCU Trust Repo Series No.1 Class A Notes Rating Affirmed

Stocks and Financial Services Press Releases Monday August 21, 2017 15:34
MELBOURNE--21 Aug--S&P Global Ratings

MELBOURNE (S&P Global Ratings) Aug. 21, 2017--S&P Global Ratings today affirmed its rating on the class A residential mortgage-backed securities (RMBS) issued by Perpetual Corporate Trust Ltd. as trustee for MTG QCCU Trust Repo Series No.1 after conducting a full review of the transaction. The affirmation reflects:

Our view of the credit risk of the underlying collateral portfolio, which consists of 498 consolidated loans as of June 30, 2017.

It has a weighted-average current loan-to value ratio of 59.4% and weighted-average loan seasoning of 47.6 months.The level of credit support provided to the class A notes in the form of subordination provided by the class B notes, which is 1.2 times the assessed level of credit support required under our credit analysis.

We therefore view the credit support provided to the class A notes to be sufficient to withstand the stresses commensurate with the current rating.The ability of the transaction to pay timely interest and ultimate principal to the class A notes in our stressed cash-flow scenarios, in line with our "RMBS: Methodology And Assumptions For Analyzing The Cash Flow And Payment Structures Of Australian And New Zealand RMBS" criteria, published June 2, 2010.

S&P Global Ratings' assessment of credit risk takes into account originator and servicer Queensland Country Credit Union Ltd.'s underwriting standards, processes, and servicing quality, which are consistent with industrywide practices.

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