Progress 2018-1 And 2019-1 Trust Class B Note Ratings Raised; Six Classes Affirmed - S&P Global Ratings’ Credit Research

Progress 2018-1 And 2019-1 Trust Class B Note Ratings Raised; Six Classes Affirmed

Progress 2018-1 And 2019-1 Trust Class B Note Ratings Raised; Six Classes Affirmed - S&P Global Ratings’ Credit Research
Progress 2018-1 And 2019-1 Trust Class B Note Ratings Raised; Six Classes Affirmed
Published Oct 20, 2021
Published Oct 20, 2021
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About This Report

  
Abstract:

MELBOURNE (S&P Global Ratings) Oct. 20, 2021--S&P Global Ratings today raised its ratings on the class B notes issued by Perpetual Trustee Co. Ltd. as trustee of Progress 2018-1 Trust and Progress 2019-1 Trust. At the same time, we affirmed our ratings on six classes of notes issued out of the same trusts (see list). The rating actions reflect the increased credit support to the notes and our view of the credit risk of the underlying collateral portfolios, which have been amortizing in line with our expectations, reducing the expected loss. Current loan-to-value (LTV) ratios for both pools have decreased as principal has been repaid. As of Aug. 31, 2021, the Progress 2018-1 pool has a current weighted-average LTV ratio

  
Report Type:

Ratings Action

Issuer
Progress 2018-1 Trust
Sector
Structured Finance
Country
Region
Pacific
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Progress 2018-1 And 2019-1 Trust Class B Note Ratings Raised; Six Classes Affirmed" Oct 20, 2021. Alacra Store. Nov 30, 2021. <http://www.alacrastore.com/s-and-p-credit-research/Progress-2018-1-And-2019-1-Trust-Class-B-Note-Ratings-Raised-Six-Classes-Affirmed-2740631>
  
APA:
S&P Global Ratings’ Credit Research. (). Progress 2018-1 And 2019-1 Trust Class B Note Ratings Raised; Six Classes Affirmed Oct 20, 2021. New York, NY: Alacra Store. Retrieved Nov 30, 2021 from <http://www.alacrastore.com/s-and-p-credit-research/Progress-2018-1-And-2019-1-Trust-Class-B-Note-Ratings-Raised-Six-Classes-Affirmed-2740631>
  
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