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.


Latest Press Release

Bitfinex and Ethfinex Launch IEO Platform - Tokinex

Bitfinex and Ethfinex, two of the world's leading digital asset exchanges, today announce the launch of Tokinex, their new Initial Exchange Offering (IEO) platform. Tokinex, allows qualified users to discover and participate in curated, pre-vetted token...

ASEAN needs a stronger sales pitch to realise its supply chain potential: HSBC

South-east Asia, and particularly Thailand, cannot expect to see a wide-scale divergence of supply chains coming its way unless there are improvements in production technology & capacity, and regional integration, according to HSBC. The comments...

UNUS SED LEO Listing on Bitfinex Following Completion of $1bn Contribution

We are pleased to announce that UNUS SED LEO, a utility token designed to empower the Bitfinex community and provide utility for those seeking to maximize the output and capabilities of the Bitfinex trading platform, will commence trading on Monday May...

Photo Release: EXIM Thailand Celebrates Successful Issuance of Renewable Energy Bond

Mr. Pisit Serewiwattana (second left), President of Export-Import Bank of Thailand (EXIM Thailand), together with Mr. Hironori Oka (second right), Senior Executive Managing Director and Head of Asia and Oceania, Daiwa Capital Markets Hong Kong Limited...

Calastone Goes Live With World#s Largest Financial Services Community on Blockchain

- Calastone has successfully launched its blockchain-enabled Distributed Market Infrastructure (DMI) - The migration sees the largest group of financial services organisations ever to connect and transact on a live distributed ledger - The entire global...

Related Topics