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.Fitch lowered its ratings on the Class B, C and D tranches to 'D' and removed them from Rating Watch Negative. It also lowered its rating on the Class A tranche to 'B' from 'BBB'. A subsidiary of Allco Finance Group was the manager of the financial assets funded through Mobius.Fitch has responded to the continued deterioration of the underlying asset pool which has seen total charge-offs increase to $33.7 million (20.63 per cent of the original pool balance) as at 31 March 2009. The deterioration is primarily attributed to the mass non-payment of TBI (Bill Express) receivables. As a result of the charge-offs the stated balance of both Class C and D notes has reduced to zero, while the stated balance of Class B notes has also been reduced to $11.9 million by charge-offs.The Trust's asset balance as at 31 March 2009 stood at $32.7 million and supports the face value of all the notes from Class A to D, which exceeded $53 million at 14 April 2009. Fitch believes that from this position the Class B to D notes are irrevocably impaired, such that principal is not expected to be paid in full during the remaining life of the transaction. Moreover, the capacity for continued payment of Class A principal, $18.4 million, is vulnerable to the deteriorating economic cycle and will continue to be closely monitored. In recent months Macquarie CountryWide Trust has changed the composition of the property portfolio that supports its Series 2006-1 CMBS issue. The Trust has sold 14 properties, removed another from the portfolio and added seven, to bring the total number of properties in the portfolio to 45. Property sale proceeds of $45 million are also included.S&P affirmed the 'AAA', 'AA', 'A', 'BBB' and 'BBB-' ratings assigned to the Class A, B, C, D and E notes, respectively.S&P also raised its ratings on 21 tranches of subordinated RMBS issued by various Crusade vehicles. This follows the recent upgrade of the credit and financial strength ratings assigned to St. George Insurance Australia Pty Ltd., the major provider of LMI support to the subordinated tranches, to 'AA-' from 'A+'. In all cases it was Class B and C tranches that were upgraded to 'AAA' and 'AA-', respectively.