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St George loans performing ok: 09 November 2009 6:46am

One lending category where credit defaults must be manageable is car loans. Only 18 months after refinancing a pool of loans through one of the very few asset-backed transactions of last year, one ratings agency is upgrading its views of the remaining loans on the St George-originated loans. » read more »

Mobius restructure proposed: 05 October 2009 6:39am

Standard & Poor’s placed the ratings assigned to five tranches of notes issued by Mobius NCM-04 Trust on CreditWatch with positive implications and affirmed the ratings on three other tranches, after reviewing a restructure proposal submitted to note holders. » read more »

Perpetual looks to growth in mortgage processing: 20 August 2009 6:50am

Perpetual Ltd’s corporate trust division, which provides mortgage processing and servicing and trustee services to asset backed securities issuers, contributed close to one third of the group’s pre-tax profit in the 2008/09 financial year. » read more »

Seiza Augustus close to default: 29 July 2009 6:57am

Standard & Poor’s announced yesterday that it may lower the rating on a tranche of Seiza notes from CC to D after learning from the trust manager that noteholders are “not expected” to receive an interest payment due on August 28. » read more »

Mobius finally defaults: 11 May 2009 7:01am

Fitch called default on three tranches of the Mobius ELR 01 Trust ABS on Thursday. This is the first ABS default in the Australian market and comes after the near default by Elderslie MTN Trust Series 2006-1 in July last year, when it almost missed a coupon payment. » read more »

Moody’s completes its review of Australian RMBS: 02 March 2009 6:52am

In the structured finance sector, Moody’s downgraded the insurance financial strength rating assigned to MGIC Australia Pty Limited to ‘Ba2’ from ‘A2’ and left the rating with a stable outlook. » read more »

Some structured finance vehicles are performing well: 23 February 2009 6:48am

In the structured finance sector, S&P raised by one notch all ratings assigned to the subordinated tranches of Series 2005-1 and Series 2006-1 REDS EHP Trusts notes and affirmed the ‘AAA’ ratings on the Class A-2 notes. The rating upgrades reflect the strong asset performance of the transactions' portfolios and increases in the percentage of credit support available for each class of notes. » read more »

Monumental rating moves: 03 November 2008 6:34am

Monumental Global Funding has had as much as $725 million of bonds outstanding in the domestic market but now has only one $200 million, November 2011, bond remaining. Moody’s Investor Service changed the outlook on the ‘Aa3’ long-term ratings assigned to Monumental’s funding programs, to negative from stable, last week. This resulted from a similar outlook change on the senior debt rating assigned to the ultimate parent, Aegon N.V. » read more »

Bill Express leases may be void: 30 October 2008 6:48am

The recoverability of leases payable by newsagents for the use of their now redundant Bill Express terminals may be even more remote, with the Australian Competition and Consumer Commission taking action in the Federal Court alleging that Bill Express and equipment supplier Technology Business International engaged in conduct that was misleading or deceptive. The Age reported on the legal proceedings today. » read more »

Bank rescues trigger many rating actions: 06 October 2008 6:56am

Not surprisingly most of the rating action last week centred on the latest banks to find themselves in difficulty, and in some cases, their rescuers as well. There was a little local activity too. Key among those of interest to local investors were: Wachovia; Citigroup; Hypo Real Estate Bank International; Glitnir Bank; Kaupthing Bank; Dexia Group; Genworth; Lendlease; Centro and Centro CMBS; Qantas; and yet again, Mobius NCM-03 Trust and Allco Max Securities and Mortgage Trust (2005-1T and 2006-1T issues). » read more »

More trouble at asset-backed trusts: 29 September 2008 6:40am

There were no positive rating actions in the structured finance sector last week. The Seiza Augustus Series 2007-1 Trust came under fire again, following rating action by Fitch Ratings and Standard & Poor’s in August and September, respectively. » read more »

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