Standard & Poor's restored credit ratings to the RMS Trust Series UniCredit (1) RMBS notes - a securitisation by RHG Mortgages Securities Pty Ltd. The ratings were withdrawn in December 2009 due to the uncertain impact of a legal dispute that was then under way.The issue was effectively a private placement to UniCredit undertaken in January 2008. UniCredit is a subsidiary of HypoVereinsbank.As reported in Banking Day earlier this year, UniCredit had notified RHG of an event of default due to arrears exceeding prescribed levels, in late 2008, and set in motion a process that would lead to the appointment of a receiver to the mortgage security trust and sale of the assets.In December, the Supreme Court of New South Wales ruled that RHG was in default on the terms of a $750 million securitisation. RHG launched an appeal but finally settled the dispute with UniCredit out of court, in February.S&P noted that since the settlement the transaction's operational processes have been tightened to help mitigate the risk of any further disputes between transaction parties. The Class A notes are rated 'AAA' and the Class B notes are rated 'AA-'.Following on from its rating actions the week before on RMS Trust Series 2007-1HE and RMS Trust Series 2007-3, S&P lowered its ratings on the Class A and Class B notes issued by RMS Trust Series 2007-2H. Ratings on the Class A tranche were lowered to 'AA+', from 'AAA', and on the Class B tranche to 'BBB', from 'A+'. Ratings on the Class AB and B tranches were also removed from CreditWatch Developing.S&P lowered the ratings on the class A and B notes as the credit, liquidity, and yield support available was considered insufficient to maintain the ratings at their previous levels. S&P noted above average claim denials and reductions had been experienced under the LMI policies provided by Prime insurance Group.The resolution of the CreditWatch was due to corresponding action on the reinsurer for Prime Insurance Group, an AIG subsidiary.