New Issue: Progress 2018-1 Trust - S&P Global Ratings’ Credit Research

New Issue: Progress 2018-1 Trust

New Issue: Progress 2018-1 Trust - S&P Global Ratings’ Credit Research
New Issue: Progress 2018-1 Trust
Published Jun 27, 2018
20 pages (6720 words) — Published Jun 27, 2018
Price US$ 500.00  |  Buy this Report Now

About This Report

  
Abstract:

The ratings assigned to the prime floating-rate residential mortgage-backed securities (RMBS) issued by Perpetual Trustee Co. Ltd. as trustee for Progress 2018-1 Trust reflect the following factors. The credit risk of the underlying collateral portfolio (discussed in more detail under "Credit Assessment") and the credit support provided to each class of notes are commensurate with the ratings assigned. Credit support is provided by subordination, lenders' mortgage insurance (LMI), and excess spread, if any. The assessment of credit risk takes into account AMP Bank Ltd. (AMP Bank)'s underwriting standards and approval process, which are consistent with industrywide practices, the servicing quality of AMP Bank (discussed in more detail under "Origination And Servicing"), and the support provided by the LMI policies on

  
Brief Excerpt:

...The ratings assigned to the prime floating-rate residential mortgage-backed securities (RMBS) issued by Perpetual Trustee Co. Ltd. as trustee for Progress 2018-1 Trust reflect the following factors. The credit risk of the underlying collateral portfolio (discussed in more detail under "Credit Assessment") and the credit support provided to each class of notes are commensurate with the ratings assigned. Credit support is provided by subordination, lenders' mortgage insurance (LMI), and excess spread, if any. The assessment of credit risk takes into account AMP Bank Ltd. (AMP Bank)'s underwriting standards and approval process, which are consistent with industrywide practices, the servicing quality of AMP Bank (discussed in more detail under "Origination And Servicing"), and the support provided by the LMI policies on 100% of the loans in the portfolio (see "Reliance On Lenders' Mortgage Insurance"). The rated notes can meet timely payment of interest and ultimate payment of principal under...

  
Report Type:

Full Report

Issuer
Progress 2018-1 Trust
Sector
Structured Finance
Country
Region
Pacific
Format:
PDF Adobe Acrobat
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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "New Issue: Progress 2018-1 Trust" Jun 27, 2018. Alacra Store. Jan 28, 2022. <http://www.alacrastore.com/s-and-p-credit-research/New-Issue-Progress-2018-1-Trust-2063827>
  
APA:
S&P Global Ratings’ Credit Research. (). New Issue: Progress 2018-1 Trust Jun 27, 2018. New York, NY: Alacra Store. Retrieved Jan 28, 2022 from <http://www.alacrastore.com/s-and-p-credit-research/New-Issue-Progress-2018-1-Trust-2063827>
  
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