No Impact on Illawarra 2006-1 RMBS and 2007-1 CMBS Following RBS Downgrade

(The following statement was released by the rating agency)SYDNEY, July 03 (Fitch) Fitch Ratings says that the downgrade of the Royal Bank of Scotland N.V. (RBS), which is a standby interest rate swap provider in Illawarra Series 2006-1 RMBS Trust and Illawarra Series 2007-1 CMBS Trust, had no impact on the transactions because RBS posted sufficient collateral to be an eligible derivative counterparty under the current criteria. On 19 May 2015, Fitch Ratings downgraded RBS's Long- and Short-term Issuer Default Ratings (IDRs) to 'BBB+'/'F2' from 'A'/'F1'; Outlook Stable. The rating action was in conjunction with Fitch's review of sovereign support for banks globally, which the agency announced in March 2014. The current ratings are as follows: Illawarra Series 2006-1 RMBS TrustClass A at 'AAAsf'; Outlook Stable; andClass B at 'BBsf'; Outlook Stable.Illawarra Series 2007-1 CMBS TrustClass B at 'AAAsf'; Outlook Stable; Class C at 'AAAsf'; Outlook Stable; Class D at 'AAsf'; Outlook Stable; andClass E at 'BB+sf'; Outlook Stable. Contacts: James Zanesi Director +61 2 8256 0306 Fitch Australia Pty Ltd, Level 15, 77 King St, Sydney, NSW 2000 Natasha Vojvodic Senior Director +61 2 8256 0350Media Relations: Leni Vu, Sydney, Tel: +61 2 8256 0304, Email: leni.vu@fitchratings.com.Additional information is available at www.fitchratings.com.Related Research Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867166ALL 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.