Fitch: Australian SF Ratings Stable in 3Q15

(The following statement was released by the rating agency)SYDNEY/HONG KONG, October 29 (Fitch) Fitch Ratings says that structured finance (SF) transactions in Australia and New Zealand remained stable in 3Q15 with a total of 67 tranches from 27 transactions affirmed as a result of continued stable and strong asset performance. There were no upgrades, downgrades or outlook revisions during 3Q15.The strong asset performance reflected the local economic environment. Both the Australian and New Zealand housing markets remained strong and property price appreciation has been significant over the past couple of years. Stable interest rates have also helped to reduce volatility in mortgage performance.Australian prime RMBS ratings accounted for most of the affirmations (42), followed by New Zealand credit card ABS (8), New Zealand prime RMBS (7), New Zealand auto ABS (6), and Australian non-conforming RMBS (4). The transactions reviewed during the quarter made up approximately 15% of the 182 Fitch publicly-rated Australian and New Zealand SF transactions outstanding at end-2Q15. Three notes from Flexi ABS Trust 2014-1 (Class C, D, and E) have had Positive Outlooks assigned since 2Q15, reflecting the build-up of credit enhancement and the transactions' performance. Three notes on Interstar Millennium Series 2005-3E Trust been on Rating Watch Negative since 2Q15 reflecting the downgrade of The Royal Bank of Scotland (L:RBS) plc (RBS, BBB+/Stable/F2) - a currency swap provider for the transaction - on 19 May 2015. The Outlooks on all other SF ratings in Australia and New Zealand remain Stable.Individual rating action commentaries relating to specific rating actions can be found on Fitch's website at www.fitchratings.com. Contacts:James ZanesiDirector+61 2 8256 0306Fitch Australia Pty Ltd.Level 15, 77 King St, Sydney, NSW 2000 Alison HoSenior Director+852 2263 9937Media Relations: Leni Vu, Sydney, Tel: +61 2 8256 0304, Email: leni.vu@fitchratings.com.Additional information is available at www.fitchratings.com. Related Research:Fitch: APAC SF Ratings Remain Stable in 3Q15, published 30 October 2015Fitch: Japanese SF Ratings Stable in 3Q15, published 30 October 2015Fitch: Stable Ratings Performance in 3Q15 for Non-Japan Asia, published 30 October 2015Fitch: Update on RWN on Interstar Millennium Series 2005-3E Trust, published 9 October 2015ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S FREE WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Fitch Australia Pty Ltd holds an Australian financial services licence (AFS licence no. 337123) which authorises it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001.