(The following statement was released by the rating agency)SYDNEY, December 03 (Fitch) Fitch Ratings has affirmed the ratings of Barton Series 2011-1 Trust (Barton 2011-1) and Barton Series 2014-1 Trust (Barton 2014-1). The transactions are securitisations of Australian conforming residential full-documentation mortgages originated by Beyond Bank Australia.The rating actions are as follows (balance as of end-October 2015):Barton 2011-1:AUD86.2m Class A2 (ISIN AU3FN0012837) affirmed at 'AAAsf'; Outlook Stable; andAUD5.0m Class AB (ISIN AU3FN0012845) affirmed at 'AAAsf'; Outlook Stable.Barton 2014-1:AUD211.8m Class A (AU3FN0025631) affirmed at 'AAAsf'; Outlook StableAUD9.0m Class AB (AU3FN0025649) affirmed at 'AAAsf'; Outlook Stable; andAUD7.5m Class AC (AU3FN0025656) affirmed at 'AAAsf'; Outlook StableThe notes were issued by Perpetual Corporate Trust Limited, in its capacity as trustee of the Series.KEY RATING DRIVERS The affirmations reflect Fitch's view that available credit enhancement is sufficient to support the notes' current ratings, and the agency's expectations of Australia's economic conditions. The credit quality and performance of the loans in the collateral pools have remained in line with Fitch's 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.As at end-October 2015, the 30+ day arrears for the Barton 2011-1 and Barton 2014-1 transactions were 0.22% and 0.31% respectively below Fitch's latest Dinkum Index of 1.12%. Both the pools are relatively geographically concentrated around South Australia, Western Australia and the Australian Capital Territory (ACT), with around 50%, 20% and 20% of each pool located in each region respectively. Performance of the two transactions has been within Fitch's expectations with no defaults or losses experienced since issuance. All loans in the pools are covered by lenders' mortgage insurance (LMI), with policies provided by QBE Lenders' Mortgage Insurance Limited (Insurer Financial Strength Rating: AA-/Stable) and Genworth Financial (N:GNW) Mortgage Insurance Pty Ltd (Insurer Financial Strength Rating: A+/Stable).RATING SENSITIVITIES Sequential pay-down has increased credit enhancement for the senior notes of both the transactions, with the 'AAAsf' rated notes able to withstand multiples of the latest reported arrears. The ratings are not expected to be affected due to any foreseeable change in performance. All the ratings are independent of downgrades to the LMI providers' ratings except the class AC notes of the Barton 2014-1 transaction which is LMI dependent.DUE DILIGENCE USAGENo 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 Beyond Bank Australia 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 given under Related Research below.Contacts: Lead Surveillance Analyst Hai Duong LeAssociate Director+61 2 8256 0358Fitch Australia Pty Ltd., Level 15, 77 King St, Sydney, NSW 2000, AustraliaCommittee Chairperson
Natasha VojvodicSenior 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.Sources of Information:The source of information used to assess these ratings was the servicer, Beyond Bank Australia. The issuer has informed Fitch that not all relevant underlying information used in the analysis of the rated notes is public.Related research "Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions" dated 12 June 2015"Barton Series 2011-1 Trust" dated 31 March 2011"Barton Series 2014-1 Trust" dated 27 Nov 2014"Barton Series 2014-1 Trust - Appendix" dated 27 Nov 2014Applicable 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 Barton Series 2011-1 Trust https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=615565Barton Series 2014-1 Trust https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=823408Barton Series 2014-1 Trust - Appendix https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=823409Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867166Additional Disclosures Dodd-Frank Rating Information Disclosure Form https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr _id=995946Solicitation Status https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=995946Endorsement 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.