Fitch-Rated Australian RMBS in Sixth AOFM Auction Performing Within Expectations

(The following statement was released by the rating agency)SYDNEY, September 18 (Fitch) Fitch Ratings says the current rating of Progress 2012-1 Trust, from the Australian Office of Financial Management's (AOFM) sixth planned sale, reflects the available credit enhancement, stable credit quality and good asset performance of the pool.The current ratings are listed below (balances as of the latest reporting):Progress 2012-1 TrustAUD223.3m Class A (ISIN AU3FN0015616) rated 'AAAsf'; Outlook Stable.At August 2015, Progress 2012-1 had 30+ day arrears of 0.74%, below Fitch's Dinkum Index, which measures industry-wide performance (1Q15:1.17%). The transaction has performed within Fitch's expectations, with no losses since closing. The transaction is 100% covered by mortgage insurance, with policies provided by Genworth Financial (NYSE:GNW) Mortgage Insurance Pty Ltd (Insurer Financial Strength Rating: A+/Stable) and QBE Lenders' Mortgage Insurance Limited (Insurer Financial Strength Rating: AA-/Stable).The ratings of all the transactions' notes are independent of downgrades to the lenders' mortgage insurance providers' ratings.Contacts:Hai Duong LeAssociate Director+612 8256 0358Fitch Australia Pty Ltd. Level 15, 77 King Street, Sydney, NSW 2000, Australia.Ben McCarthyManaging DirectorHead of APAC Structured Finance & Covered Bonds +612 8256 0388Media Relations: Leni Vu, Sydney, Tel: +61 2 8256 0304, Email: leni.vu@fitchratings.com.Additional information is available at www.fitchratings.com.ALL 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.