Standard & Poor's downgraded the Class A tranche of RMBS issued by TORRENS Series 2008-1 Trust to 'AA' from 'AAA' due to a recent change in criteria, which says that 'AAA' ratings can no longer be maintained on securitisations that depend on the performance of 'A-2' rated derivatives counterparties. This is likely to be a blow for the originator, Bendigo and Adelaide Bank (BAB), for two reasons: this is the bank's repo-eligible securitisation; and the 'A-2' rating that has led to this action is likely to be its own. Bendigo advised S&P that it would not be seeking a replacement counterparty to preserve the 'AAA' rating on the securities.Moody's Investor Service disclosed that BankWest has again increased the size of its on-balance sheet mortgage securitisation via the Series 2008-1D SWAN Trust and Heritage Building Society has become only the second non-bank ADI to undertake a repo eligible securitisation.The mortgage pool underlying the Series 2008-1D SWAN Trust has been upsized to $7.4 billion, after being increased to $5.77 billion in early October. It was originally established at $2.5 billion in late July. The 'Aaa' rated, Class A notes, now total $6.81 billion.Heritage Building Society has securitised $200 million of its own mortgages via the HBS Trust No 2008-1R. The trust will issue $191 million Class A notes rated 'Aaa' and $9 million unrated Class B notes.