Firstmac Mortgage Funding Trust No.4 Series 2-2018 Prime RMBS Assigned Preliminary Ratings

Stocks and Financial Services Press Releases Monday May 28, 2018 08:57
MELBOURNE--28 May--S&P Global Ratings

MELBOURNE (S&P Global Ratings) May 28, 2018--S&P Global Ratings today assigned preliminary ratings to five of the six classes of prime residential mortgage-backed securities (RMBS) to be issued by Firstmac Fiduciary Services Pty Ltd. as trustee for Firstmac Mortgage Funding Trust No.4 Series 2-2018 (see list).

The preliminary ratings reflect:
  • Our view of the credit risk of the underlying collateral portfolio, including the fact that this is a closed portfolio, which means no further loans will be assigned to the trust after the closing date.
  • Our view of the credit support that is sufficient to withstand the stresses we apply. Credit support for the rated notes comprises note subordination, excess spread, and lenders' mortgage insurance on 100% of the portfolio.
  • Our expectation that the various mechanisms to support liquidity within the transaction, including a liquidity reserve equal to 1.2% of the outstanding note balance, the principal draw function, and 24 months' timely payment cover on 10.8% of the loans in the portfolio, are sufficient to ensure timely payment of interest.
  • The extraordinary expense reserve of A$150,000, funded from day one by Firstmac Ltd., available to meet extraordinary expenses. The reserve will be topped up via excess spread if drawn.
  • The fixed- to floating-rate interest-rate swap provided by Australia and New Zealand Banking Group Ltd. to hedge the mismatch between receipts from fixed-rate mortgage loans and the variable-rate RMBS.

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