Reuters: Financial Services and Real Estate: TEXT-Fitch Affirms 3 Medallion RMBS Transactions

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TEXT-Fitch Affirms 3 Medallion RMBS Transactions Jun 6th 2012, 02:07 Tue Jun 5, 2012 10:07pm EDT (The following was released by the rating agency) SYDNEY, June 05 (Fitch) Fitch Ratings has affirmed three Medallion Trust Series RMBS transactions comprising 11 tranches of notes. These transactions are backed by pools of Australian residential mortgages originated by Commonwealth Bank of Australia (CBA; 'AA-'/Stable/'F1+'), and Homepath Limited. The rating actions are as follows: Medallion Trust Series 2006-1G (Series 2006-1G): USD411.0m Class A-1 (ISIN US58403AAG31) affirmed at 'AAAsf'; Outlook Stable AUD411.0m Class A-2 (ISIN AU300MEDF010) affirmed at 'AAAsf'; Outlook Stable EUR92.5m Class A-3 (ISIN XS0247156127) affirmed at 'AAAsf'; Outlook Stable AUD30.5m Class B (ISIN AU300MEDF028) affirmed at 'BBBsf'; Outlook Stable Medallion Trust Series 2007-1G (Series 2007-1G): USD310.0m Class A-1 (ISIN US58403GAB14) affirmed at 'AAAsf'; Outlook Stable AUD174.3m Class A-2 (ISIN AU3FN0001848) affirmed at 'AAAsf'; Outlook Stable EUR159.7m Class A-3 (ISIN XS0288376584) affirmed at 'AAAsf'; Outlook Stable AUD1,200.0m Class A-4 (ISIN AU3FN0001830) affirmed at 'AAAsf; Outlook Stable AUD61.2m Class B (ISIN AU3FN0001855) affirmed at 'BBBsf'; Outlook Stable Medallion Trust Series 2008-1R (Series 2008-1R): AUD66,379.0m Class A (ISIN AU3FN0005617) affirmed at 'AAAsf'; Outlook Stable AUD1,186.0m Class B affirmed at 'AAsf'; Outlook Stable The rating actions reflect Fitch's view that credit enhancement levels are able to support the notes' current ratings. The credit quality and performance of the loans in the respective collateral pools remain in line with Fitch's expectations. Medallion Trust Series 2008-1R remains within its substitution period and no amortisation of the notes has occurred to date. Both of the other two Medallion transactions are currently paying down on a pro-rata basis, with principal collections for these transactions being allocated across all classes of notes with the exception of the Class A-4 note of Medallion Trust Series 2007-1G. "Over the past 12 months, 30+ day arrears across the three Medallion transactions have ranged between 1.3% and 1.7%," notes Courtney Miller, Analyst in Fitch's Structured Finance Team. "This compares with Fitch's 30+ Day Dinkum Index, measuring industry wide performance, of 1.52%." All transactions have lender's mortgage insurance (LMI) provided by either QBE Lenders' Mortgage Insurance Limited ('AA-'/Stable) or Genworth Financial Mortgage Insurance Pty Ltd. Link this Share this Digg this Email Reprints

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