RESIMAC Triomphe Trust - RESIMAC Premier Series 2018-2 Prime RMBS Assigned Ratings

MELBOURNE (S&P Global Ratings) Nov. 26, 2018--S&P Global Ratings today 
assigned its ratings to nine classes of prime residential mortgage-backed 
securities (RMBS) issued by Perpetual Trustee Co. Ltd. as trustee for RESIMAC 
Triomphe Trust - RESIMAC Premier Series 2018-2 (see list). RESIMAC Triomphe 
Trust - RESIMAC Premier Series 2018-2 is a securitization of prime residential 
mortgages originated by RESIMAC Ltd.

The ratings reflect:
  • Our view of the credit risk of the underlying collateral portfolio, including that this is a closed portfolio, which means no further loans will be assigned to the trust after the closing date.
  • Our view that the credit support is sufficient to withstand the stresses we apply. This credit support comprises note subordination for the rated notes and lenders' mortgage insurance to 15.3% of the portfolio, which covers 100% of the face value of these loans, accrued interest, and reasonable costs of enforcement.
  • Our expectation that the various mechanisms to support liquidity within the transaction, including a liquidity facility equal to 0.75% of the outstanding balance of the notes, and principal draws, are sufficient under our stress assumptions to ensure timely payment of interest.
  • The extraordinary expense reserve of A$250,000, funded by RESIMAC Ltd. before closing, available to meet extraordinary expenses. The reserve will be topped up via excess spread if drawn.
  • The benefit of a cross-currency swap to hedge the mismatch between the Australian dollar receipts from the underlying assets and the U.S. dollar payments on the class A1 notes to be provided by National Australia Bank Ltd.
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