Progress 2018-1 Trust Prime RMBS Assigned Ratings - S&P Global Ratings’ Credit Research

Progress 2018-1 Trust Prime RMBS Assigned Ratings

Progress 2018-1 Trust Prime RMBS Assigned Ratings - S&P Global Ratings’ Credit Research
Progress 2018-1 Trust Prime RMBS Assigned Ratings
Published Jun 27, 2018
4 pages (1435 words) — Published Jun 27, 2018
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

MELBOURNE (S&P Global Ratings) June 28, 2018--S&P Global Ratings today assigned ratings to four classes of prime residential mortgage-backed securities (RMBS) issued by Perpetual Trustee Co. Ltd. as trustee for Progress 2018-1 Trust (see list). Progress 2018-1 Trust is a securitization of prime residential mortgages originated by AMP Bank Ltd. The 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 that the credit support is sufficient to withstand the stresses we apply. This credit support comprises note subordination and lenders' mortgage insurance policies. The benefit of a fixed-to-floating interest-rate swap

  
Brief Excerpt:

...MELBOURNE (S&P Global Ratings) June 28, 2018--S&P Global Ratings today assigned ratings to four classes of prime residential mortgage-backed securities (RMBS) issued by Perpetual Trustee Co. Ltd. as trustee for Progress 2018-1 Trust (see list). Progress 2018-1 Trust is a securitization of prime residential mortgages originated by AMP Bank Ltd. The 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 that the credit support is sufficient to withstand the stresses we apply. This credit support comprises note subordination and lenders' mortgage insurance policies. + The benefit of a fixed-to-floating interest-rate swap provided by AMP Bank Ltd. to hedge the mismatch between receipts from any fixed-rate mortgage loans and the variable-rate RMBS. + Our expectation that the various mechanisms to support liquidity within...

  
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 Trust Prime RMBS Assigned Ratings" Jun 27, 2018. Alacra Store. Jan 28, 2022. <http://www.alacrastore.com/s-and-p-credit-research/Progress-2018-1-Trust-Prime-RMBS-Assigned-Ratings-2063828>
  
APA:
S&P Global Ratings’ Credit Research. (). Progress 2018-1 Trust Prime RMBS Assigned Ratings Jun 27, 2018. New York, NY: Alacra Store. Retrieved Jan 28, 2022 from <http://www.alacrastore.com/s-and-p-credit-research/Progress-2018-1-Trust-Prime-RMBS-Assigned-Ratings-2063828>
  
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