กรุงเทพฯ--26 พ.ค.--Standard & Poor's
MELBOURNE (Standard & Poor's) May 26, 2014--Standard & Poor's Ratings Services today assigned its preliminary ratings to the class A and class B prime residential mortgage-backed securities (RMBS) to be issued by BNY Trust Co. of Australia Ltd. as trustee of Series 2014-1 WST Trust (see list). Series 2014-1 WST Trust is a securitization of prime residential mortgages originated by Westpac Banking Corp.
The preliminary ratings are based on: Our view of the credit risk of the underlying collateral portfolio.Our view that the credit support for both classes of rated notes, which comprises note subordination, is sufficient to withstand the stresses we apply.Our expectation that the various mechanisms to support liquidity within the transaction, including principal draws and a liquidity facility equal to 1.3% of the invested amount of all notes, are sufficient under our stress assumptions to ensure timely payment of interest.The support provided by the lenders' mortgage insurance policies on 11.7% of the portfolio balance. Loans are insured by either Genworth Financial Mortgage Insurance Pty Ltd. or Westpac Lenders Mortgage Insurance Ltd.
The management of interest-rate risk. Interest-rate risk between any fixed-rate mortgage loans and the floating-rate obligations on the notes are appropriately hedged via interest rate swaps to be provided by Westpac Banking Corp.A copy of Standard & Poor's complete report for Series 2014-1 WST Trust can be found on RatingsDirect, Standard & Poor's Web-based credit analysis system, at http://www.globalcreditportal.com. The issuer has not informed Standard & Poor's (Australia) Pty Limited whether the issuer is publically disclosing all relevant information about the structured finance instruments the subject of this rating report or whether relevant information remains non-public.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined in the Rule, to include a description of the representations, warranties and enforcement mechanisms available to investors and a description of how they differ from the representations, warranties and enforcement mechanisms in issuances of similar securities. The Standard & Poor's 17g-7 Disclosure Report included in this credit rating report is available at http://standardandpoorsdisclosure-17g7.com/2483.pdf. REGULATORY DISCLOSURES Please refer to the initial rating report for any additional regulatory disclosures that may apply to a transaction.