(The following statement was released by the rating agency)SYDNEY, November 27 (Fitch) Fitch Ratings has affirmed the ratings of four tranches of Series 2015-1 WST Trust and Series 2014-2 WST Trust. The issuance consists of notes backed by first-ranking Australian residential mortgages, originated by Westpac Banking Corporation (WBC; AA-/Stable/F1+). The ratings are as follows:Series 2015-1 WST TrustAUD1,651.4m Class A notes: 'AAAsf'; Outlook StableAUD71.5m Class B notes: 'AAAsf'; Outlook StableSeries 2014-2 WST TrustAUD1,872.8m Class A notes: 'AAAsf'; Outlook StableAUD92.0m Class B notes: 'AAAsf'; Outlook StableKEY RATING DRIVERS The affirmations reflect Fitch's view that available credit enhancement is sufficient to support the notes' current ratings, our expectations of Australia's economic conditions, and the fact that the credit quality and performance of the loans in the collateral pool have remained in line with expectations.The default model was not run for this rating action as the outstanding ratings are 'AAAsf' and a review of pre-determined performance triggers indicates that the transactions display stable asset performance. At November 2015, 30+ day arrears were low at 0.36% and 0.26% for Series 2014-2 WST Trust and Series 2015-1 WST Trust respectively, compared to Fitch's Dinkum RMBS Index of 1.12%. The weighted average loan/value ratios for Series 2014-2 WST Trust and Series 2015-1 WST Trust are 60.55% and 61.34%, respectively. As of November 2015 neither transaction had experienced a loss.RATING SENSITIVITIES Sequential pay-down has increased credit enhancement for the senior notes of each transaction, with the 'AAAsf' rated notes able to withstand many multiples of the latest reported arrears. The ratings are not expected to be affected due to any foreseeable change in performance. The rated notes are independent of downgrades to the lender's mortgage insurance providers' ratings.DUE DILIGENCE USAGE No third party due diligence was provided or reviewed in relation to this rating action.DATA ADEQUACY Fitch conducted a file review of 10 sample loan files focusing on the underwriting procedures conducted by Westpac Banking Corporation compared to its credit policy at the time of underwriting. Fitch has checked the consistency and plausibility of the information and no material discrepancies were noted that would impact Fitch's rating analysis.A comparison of the transaction's representations, warranties and enforcement mechanisms (RW&Es) to those of typical RW&Es for this asset class is available by accessing the reports and/or links under Related Research below.Contacts: Surveillance Analyst Katie BrookesAnalystPhone +61 2 8256 0364Fitch Australia Pty Ltd., Level 15, 77 King St, Sydney, NSW 2000Committee Chairperson
Natasha VojvodicSenior DirectorPhone +61 2 8256 0350
Media Relations: Leni Vu, Sydney, Tel: +61 2 8256 0304, Email: leni.vu@fitchratings.com.Additional information is available at www.fitchratings.com.Sources of Information:The source of information used to assess this rating was Westpac Banking Corporation. The issuer has informed Fitch that not all relevant underlying information used in the analysis of the rated notes is public.Applicable Criteria APAC Residential Mortgage Criteria (pub. 23 Jun 2015)https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867437Counterparty Criteria for Structured Finance and Covered Bonds (pub. 14 May 2014)https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=744158Counterparty Criteria for Structured Finance and Covered Bonds: Derivative Addendum (pub. 14 May 2014)https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=744175Global Criteria for Lendersâ Mortgage Insurance in RMBS (pub. 23 Jun 2015)https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=865195Global Structured Finance Rating Criteria (pub. 06 Jul 2015)https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952Related Research Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867166Series 2014-2 WST Trust https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=831728Series 2014-2 WST Trust - Appendixhttps://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=831729Series 2015-1 WST Trust https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=866469Series 2015-1 WST Trust - Appendixhttps://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=866468Additional Disclosures Dodd-Frank Rating Information Disclosure Form https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr _id=995433Solicitation Status https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=995433Endorsement Policy https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&det ail=31ALL 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.