Progress 2018-1 Trust Prime RMBS Assigned Ratings

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

...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...

Ratings Action