Preliminary ratings have been assigned to a couple of asset-backed securitisations currently being marketed. S&P Global Ratings has given its preliminary ratings to five classes of prime residential mortgage-backed securities, issued as the TORRENS Series 2017-3 Trust. This will be the third RMBS backed by prime mortgages originated by Bendigo and Adelaide Bank. The top-rated tranches are well supported, and this credit support is sufficient to withstand the stress testing by S&P. This credit support comprises note subordination and lenders' mortgage insurance to 16.2 per cent of the portfolio, which covers 100 per cent of the face value of these loans, accrued interest, and reasonable costs of enforcement. There is also a A$150,000 extraordinary expense reserve, funded upfront by BEN to support trust expenses. This reserve will be topped up with available excess spread if drawn on. The other securitisation is the CNH Industrial Capital Australia Receivables Trust Series 2017-1, with up to four classes of asset- backed securities to be rated by Standard & Poor's.  The notes are backed by chattel mortgage and finance lease contracts secured by agricultural and construction equipment that were originated by CNH Industrial Capital Australia Pty Ltd. (CNHI Capital), according to a letter to investors sent by S&P. This is the tenth term-note transaction backed by collateral originated by CNHI Capital. S&P assigned a preliminary rating to the $95 million Class A1 notes of A-1+. It rated the $211.6 million Class A2 notes at AAA. The $10.5 million Class B notes are rated AA and the $7.7 million Class C notes at A. There are also $25.5 million unrated notes.  S& P said the legal structure of both these transactions, which has a trust "established as a special-purpose entity, and meets our criteria for insolvency remoteness."