(The following statement was released by the rating agency) Fitch Ratings-Sydney-January 16: Fitch Ratings has affirmed the ratings of 46 tranches across five Latitude credit card trusts. The transactions are securitisations of Australian and New Zealand credit card receivables originated by Latitude Finance Australia entities. Australian Sales Finance and Credit Cards Trust ----A ; Long Term Rating; Affirmed; AAAsf; RO:Sta ----B ; Long Term Rating; Affirmed; AAsf; RO:Sta ----C ; Long Term Rating; Affirmed; Asf; RO:Sta ----D ; Long Term Rating; Affirmed; BBBsf; RO:Sta ----E ; Long Term Rating; Affirmed; BBsf; RO:Sta Latitude Australia Credit Card Master Trust ----2017-1 Class A1 AU3FN0034419; Long Term Rating; Affirmed; AAAsf; RO:Sta ----2017-1 Class A2 AU3FN0034955; Long Term Rating; Affirmed; AAAsf; RO:Sta ----2017-1 Class B AU3FN0034427; Long Term Rating; Affirmed; AAsf; RO:Sta ----2017-1 Class C AU3FN0034435; Long Term Rating; Affirmed; Asf; RO:Sta ----2017-1 Class D AU3FN0034443; Long Term Rating; Affirmed; BBBsf; RO:Sta ----2017-1 Class E AU3FN0034450; Long Term Rating; Affirmed; BBsf; RO:Sta ----2017-2 Class A1 AU3FN0037826; Long Term Rating; Affirmed; AAAsf; RO:Sta ----2017-2 Class A2 AU3FN0037834; Long Term Rating; Affirmed; AAAsf; RO:Sta ----2017-2 Class B AU3FN0037842; Long Term Rating; Affirmed; AAsf; RO:Sta ----2017-2 Class C AU3FN0037859; Long Term Rating; Affirmed; Asf; RO:Sta ----2017-2 Class D AU3FN0037867; Long Term Rating; Affirmed; BBBsf; RO:Sta ----2017-2 Class E AU3FN0037875; Long Term Rating; Affirmed; BBsf; RO:Sta ----2017-VFN ; Long Term Rating; Affirmed; Asf; RO:Sta ----2018-1 Class A1 AU3FN0041513; Long Term Rating; Affirmed; AAAsf; RO:Sta ----2018-1 Class A2 AU3FN0041521; Long Term Rating; Affirmed; AAAsf; RO:Sta ----2018-1 Class B AU3FN0041539; Long Term Rating; Affirmed; AAsf; RO:Sta ----2018-1 Class C AU3FN0041547; Long Term Rating; Affirmed; Asf; RO:Sta ----2018-1 Class D AU3FN0041554; Long Term Rating; Affirmed; BBBsf; RO:Sta ----2018-1 Class E AU3FN0041562; Long Term Rating; Affirmed; BBsf; RO:Sta ----2019-1 Class A1 AU3FN0050035; Long Term Rating; Affirmed; AAAsf; RO:Sta ----2019-1 Class A2 AU3FN0050050; Long Term Rating; Affirmed; AAAsf; RO:Sta ----2019-1 Class B AU3FN0050068; Long Term Rating; Affirmed; AAsf; RO:Sta ----2019-1 Class C AU3FN0050076; Long Term Rating; Affirmed; Asf; RO:Sta ----2019-1 Class D AU3FN0050084; Long Term Rating; Affirmed; BBBsf; RO:Sta ----2019-1 Class E AU3FN0050092; Long Term Rating; Affirmed; BBsf; RO:Sta Australian Sales Finance and Credit Cards No.2 Trust ----A1 ; Long Term Rating; Affirmed; AAAsf; RO:Sta ----A2 ; Long Term Rating; Affirmed; AAAsf; RO:Sta ----B ; Long Term Rating; Affirmed; Asf; RO:Sta ----C ; Long Term Rating; Affirmed; BBBsf; RO:Sta ----D ; Long Term Rating; Affirmed; BBsf; RO:Sta Latitude New Zealand Credit Card Master Trust ----A NZLATD1001R5; Long Term Rating; Affirmed; AAAsf; RO:Sta ----B NZLATD1002R3; Long Term Rating; Affirmed; AAsf; RO:Sta ----C NZLATD1003R1; Long Term Rating; Affirmed; Asf; RO:Sta ----D NZLATD1004R9; Long Term Rating; Affirmed; BBBsf; RO:Sta ----E NZLATD1005R6; Long Term Rating; Affirmed; BBsf; RO:Sta ----Series 2018-VFN ; Long Term Rating; Affirmed; BBBsf; RO:Sta New Zealand Sales Finance and Credit Cards Trust ----A ; Long Term Rating; Affirmed; AAAsf; RO:Sta ----B ; Long Term Rating; Affirmed; AAsf; RO:Sta ----C ; Long Term Rating; Affirmed; Asf; RO:Sta ----D ; Long Term Rating; Affirmed; BBBsf; RO:Sta ----E ; Long Term Rating; Affirmed; BBsf; RO:Sta KEY RATING DRIVERS Stable Credit Card Receivables Performance: Charge-off performance has remained stable over the last year with gross charge-offs across all the Australia trusts averaging 4.6%, below the Fitch steady-state assumption of 5.25%. New Zealand charge-offs have averaged 3.5% over the past year, and Fitch has maintained our steady-state assumption of 4.25% for the analysis. The monthly payment rate (MPR), a measure of how quickly consumers are paying off their credit card debt, has averaged 14.0% in Australia and 10.7% in New Zealand over the past year. Fitch has maintained our MPR steady state at 12.5% for Australia and 9.75% for New Zealand. Yield has remained steady over the past year across the transactions, averaging 14.7% in Australia and 14.8% in New Zealand. Fitch has maintained our gross yield steady state at 13.0% in both countries. The Stable Outlook on the notes reflects Fitch's expectations that the performance and loss multiples will remain supportive of the ratings and be underpinned by a stable macroeconomic environment in Australia. Satisfactory Originator and Servicer Quality: Fitch believes Latitude is an effective and capable originator and servicer due to its long and consistent record. Latitude, through previous ownership, has been managing large consumer receivable portfolios for over a decade in Australia and New Zealand. Fitch reviewed Latitude's underwriting and servicing capabilities and found them satisfactory. Latitude is not rated and servicer risk is mitigated through back-up arrangements. Fitch undertook an onsite operational review and found that the operations of the originator and servicer were comparable with other non-bank credit card providers. Mitigated Counterparty Risk: Fitch's rating of the notes is dependent on the financial strength of certain counterparties. Fitch believes this risk is currently mitigated, which is evident from the ratings of the applicable counterparties to the transactions. Counterparty risk was evaluated in the initial transaction analysis through the review of transaction documentation, legal opinion and structural features. There have been no changes to any transaction since closing. Mitigated Interest Rate Risk: Interest rate risk is currently mitigated by available credit enhancement. There have been two updates in the current cash flow modelling analysis. These are regarding: - the input for the index rate for all Latitude credit card transactions which, when amended, reduced the interest rate stresses on each transaction; and - the modelling of the approved issuer levy as part of the interest expenses in the Latitude New Zealand transactions which, when amended, resulted in increased interest expenses. However, due to all transactions performing in line with their steady-state assumptions, this has resulted in no change to the assigned ratings. A summary of the steady states and rating stresses applied in the cash flow modelling analysis is shown below. Australian Sales Finance and Credit Cards Trust's purchase-rate stress has been amended to align it with the other Australian transactions: Australia Steady States: Charge-offs: 5.25% MPR: 12.5% Gross yield: 13.00% Purchase rate: 100% Rating Stresses: Ratings: AAAsf / AAsf / Asf / BBBsf / BBsf Charge-offs (increase): 4.50x / 3.75x / 3.00x / 2.25x / 1.50x MPR (% decrease): 40.00% / 35.00% / 30.00% / 25.00% / 20.00% Gross yield (% decrease): 35.00% / 30.00% / 25.00% / 20.00% / 15.00% Purchase rate (% decrease): 90.00% / 85.00% / 75.00% / 65.00% / 55.00% New Zealand Steady States: Charge-offs: 4.25% MPR: 9.75% Gross yield: 13.00% Purchase rate: 100% Rating Stresses: Ratings: AAAsf / AAsf / Asf / BBBsf / BBsf Charge-offs (increase): 4.50x / 3.75x / 3.00x / 2.25x / 1.50x MPR (% decrease): 40.00% / 35.00% / 30.00% / 25.00% / 20.00% Gross yield (% decrease): 35.00% / 30.00% / 25.00% / 20.00% / 15.00% Purchase rate (% decrease): 90.00% / 85.00% / 80.00% / 70.00% / 60.00% In addition to the above stresses, Fitch has applied 50% haircuts to interchange and late fee income and has excluded merchant service fees when performing our cash flow analysis. Some of the outstanding subordinate tranches of the trusts may be able to support higher ratings based on the output of Fitch's proprietary cash flow model. Since the credit card programme is set up as a continuous funding programme and requires that any new issuance or note reductions do not affect the rating of existing tranches, the enhancement levels are set to maintain a constant rating level per class of issued notes and may provide more than the minimum enhancement necessary to retain issuance flexibility. Therefore, Fitch may decide not to assign or maintain ratings above the current outstanding ratings in anticipation of future issuance or reductions. RATING SENSITIVITIES Fitch has evaluated the sensitivity of the ratings to decreased yields, increased charge-offs and decreased MPRs over the life of the transactions. The model indicates the note ratings are sensitive to an increase in defaults and a reduction in MPRs, with less sensitivity to lower yields. The full results of the analysis are shown below: Australian Sales Finance and Credit Cards Trust Rating sensitivity to increased charge-off rate: Current ratings: 'AAAsf'; 'AAsf'; 'Asf', 'BBBsf', 'BBsf' Increase base case by 25%: 'AA+sf'; 'AAsf'; 'Asf', 'BBBsf'; 'BBsf' Increase base case by 50%: 'AA+sf'; 'A+sf'; A-sf', 'BBB-sf'; 'BBsf' Increase base case by 75%: 'AAsf'; 'Asf'; 'BBB+sf', 'BB+sf'; 'BB-sf' Rating sensitivity to reduced MPR: Current ratings: 'AAAsf'; 'AAsf'; 'Asf', 'BBBsf'; 'BBsf' Decrease base case by 15%: 'AA+sf'; 'AA-sf'; 'Asf', 'BBBsf'; 'BBsf' Decrease base case by 25%: 'AA+sf'; 'A+sf'; 'A-sf', 'BBB-sf'; 'BBsf' Decrease base case by 35%: 'AA-sf'; 'Asf'; 'BBBsf', 'BB+sf'; 'BB-sf' Rating sensitivity to reduced yield: Current rating: 'AAAsf'; 'AAsf'; 'Asf', 'BBBsf', 'BBsf' Decrease base case by 15%: 'AAAsf'; 'AAsf'; 'Asf', 'BBBsf', 'BBsf' Decrease base case by 25%: 'AAAsf'; 'AAsf'; 'Asf', 'BBBsf', 'BBsf' Decrease base case by 35%: 'AAAsf'; 'AAsf'; 'Asf', 'BBBsf', 'BBsf' Rating sensitivity to combined increase in charge-off rate and reduced MPR: Current rating: 'AAAsf'; 'AAsf'; 'Asf', 'BBBsf', 'BBsf' Increase base case by 25% and decrease by 15%: AA+sf; A+sf; BBB+sf; BBB-sf; BBsf Increase base case by 50% and decrease by 25%: A+sf; A-sf; BBB-sf; BBsf; B+sf Increase base case by 75% and decrease by 35%: A-sf; BBBsf; BB+sf; B+sf; less than Bsf Australian Sales Finance and Credit Cards No.2 Trust Rating sensitivity to increased charge-off rate: Current ratings: 'AAAsf'; 'AAAsf'; 'Asf', 'BBBsf', 'BBsf' Increase base case by 25%: 'AA+sf'; 'AA+sf'; 'Asf', 'BBBsf'; 'BBsf' Increase base case by 50%: 'AAsf'; 'AA+sf'; 'Asf', 'BBB-sf'; 'BB-sf' Increase base case by 75%: 'AA-sf'; 'AA-sf'; 'A-sf', 'BB+sf'; 'BB-sf' Rating sensitivity to reduced MPR: Current ratings: 'AAAsf'; 'AAAsf'; 'Asf', 'BBBsf'; 'BBsf' Decrease base case by 15%: 'AA+sf'; 'AA+sf'; 'Asf', 'BBBsf'; 'BBsf' Decrease base case by 25%: 'AAsf'; 'AAsf'; 'A-sf', 'BBB-sf'; 'BBsf' Decrease base case by 35%: 'AA-sf'; 'AA-sf'; 'BBB+sf', 'BB+sf'; 'BB-sf' Rating sensitivity to reduced yield: Current rating: 'AAAsf'; 'AAAsf'; 'Asf', 'BBBsf', 'BBsf' Decrease base case by 15%: 'AAAsf'; 'AAAsf'; 'Asf', 'BBBsf', 'BBsf' Decrease base case by 25%: 'AAAsf'; 'AAAsf'; 'Asf', BBBsf', 'BBsf' Decrease base case by 35%: 'AA+sf'; 'AA+sf'; 'Asf', 'BBBsf', 'BB-sf' Rating sensitivity to combined increase in charge-off rate and reduced MPR: Current rating: 'AAAsf'; 'AAAsf'; 'Asf', 'BBBsf', 'BBsf' Increase base case by 25% and decrease by 15%: AAsf; AAsf; Asf; BBB-sf; BB-sf Increase base case by 50% and decrease by 25%: A+sf; A+sf; BBBsf; BBsf; B+sf Increase base case by 75% and decrease by 35%: BBB+sf; BBB+sf; BB+sf; B+sf; less than Bsf Latitude Australia Credit Card Master Trust Series 2017-1 Rating sensitivity to increased charge-off rate: Current ratings: 'AAAsf', 'AAAsf', 'AAsf'; 'Asf', 'BBBsf', 'BBsf' Increase base case by 25%: AAAsf / AA+sf / AA-sf / A-sf / BBBsf / BBsf Increase base case by 50%: AAAsf / AAsf / A+sf / BBB+sf / BBB-sf / BB-sf Increase base case by 75%: AAAsf / AA-sf / Asf / BBBsf / BB+sf / B+sf Rating sensitivity to reduced MPR: Current ratings: 'AAAsf', 'AAAsf', 'AAsf'; 'Asf', 'BBBsf', 'BBsf' Decrease base case by 15%: AAAsf / AA+sf / AA-sf / A-sf / BBBsf / BBsf Decrease base case by 25%: AAAsf / AAsf / A+sf / BBB+sf / BBB-sf / BBsf Decrease base case by 35%: AAAsf / AA-sf / Asf / BBBsf / BB+sf / BB-sf Rating sensitivity to reduced yield: Current ratings: 'AAAsf', 'AAAsf', 'AAsf'; 'Asf', 'BBBsf', 'BBsf' Decrease base case by 15%: 'AAAsf'; 'AAAsf'; 'AAsf', 'Asf', 'BBBsf', 'BBsf' Decrease base case by 25%: 'AAAsf'; 'AAAsf'; 'AAsf'; 'Asf', 'BBBsf', 'BB-sf' Decrease base case by 35%: 'AAAsf'; 'AAAsf'; 'AA-sf'; 'A-sf', 'BBB-sf', 'BB-sf' Rating sensitivity to combined increase in charge-off rate and reduced MPR: Current ratings: 'AAAsf', 'AAAsf', 'AAsf'; 'Asf', 'BBBsf', 'BBsf' Increase base case by 25% and decrease by 15%: AAAsf; AAsf; A+sf; BBB+sf; BBB-sf; BB-sf Increase base case by 50% and decrease by 25%: AA+sf; A+sf; BBB+sf; BBB-sf; BBsf; Bsf Increase base case by 75% and decrease by 35%: AA-sf; BBB+sf; BBB-sf; BBsf; B+sf; less than Bsf Series 2017-2 Rating sensitivity to increased charge-off rate: Current ratings: 'AAAsf' / 'AAAsf' /'AAsf' / 'Asf' / 'BBBsf' / 'BBsf' Increase base case by 25%: AAAsf / AA+sf / AA-sf / A-sf / BBBsf / BBsf Increase base case by 50%: AAAsf / AA+sf / A+sf / BBB+sf / BBB-sf / BB-sf Increase base case by 75%: AAAsf / AA-sf / Asf / BBBsf / BB+sf / B+sf Rating sensitivity to reduced MPR: Current ratings: 'AAAsf'/ 'AAAsf' / 'AAsf' / 'Asf' / 'BBBsf' / 'BBsf' Decrease base case by 15%: AAAsf / AA+sf / AA-sf / A-sf / BBBsf / BBsf Decrease base case by 25%: AAAsf / AAsf / A+sf / BBB+sf / BBB-sf / BBsf Decrease base case by 35%: AAAsf / AA-sf / Asf / BBBsf / BB+sf / BB-sf Rating sensitivity to reduced yield: Current ratings: 'AAAsf', 'AAAsf', 'AAsf'; 'Asf', 'BBBsf', 'BBsf' Decrease base case by 15%: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf Decrease base case by 25%: AAAsf / AAAsf / AAsf / Asf / BBBsf / BB-sf Decrease base case by 35%: AAAsf / AAAsf / AA-sf / Asf / BBB-sf / BB-sf Rating sensitivity to combined increase in charge-off rate and reduced MPR: Current ratings: 'AAAsf', 'AAAsf', 'AAsf'; 'Asf', 'BBBsf', 'BBsf' Increase base case by 25% and decrease by 15%: AAAsf; AAsf; A+sf; BBB+sf; BBB-sf; BB-sf Increase base case by 50% and decrease by 25%: AA+sf; A+sf; BBB+sf; BBB-sf; BBsf; Bsf Increase base case by 75% and decrease by 35%: AA-sf; BBB+sf; BBB-sf; BBsf; B+sf; less than Bsf Series 2018-1 Rating sensitivity to increased charge-off rate: Current ratings: 'AAAsf'/ 'AAAsf' / 'AAsf'/ 'Asf' / 'BBBsf' / 'BBsf' Increase base case by 25%: AAAsf / AA+sf / AA-sf / Asf / BBBsf / BBsf Increase base case by 50%: AAAsf / AA+sf / A+sf / BBB+sf / BBB-sf / BB-sf Increase base case by 75%: AAAsf / AA-sf / Asf / BBBsf / BBBsf / B+sf Rating sensitivity to reduced MPR: Current ratings: 'AAAsf' / 'AAAsf' / 'AAsf' / 'Asf' / 'BBBsf' / 'BBsf' Decrease base case by 15%: AAAsf / AA+sf / AA-sf / A-sf / BBBsf / BBsf Decrease base case by 25%: AAAsf / AAsf / A+sf / BBB+sf / BBB-sf / BBsf Decrease base case by 35%: AAAsf / AA-sf / Asf / BBBsf / BB+sf / BB-sf Rating sensitivity to reduced yield: Current ratings: 'AAAsf', 'AAAsf', 'AAsf'; 'Asf', 'BBBsf', 'BBsf' Decrease base case by 15%: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf Decrease base case by 25%: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf Decrease base case by 35%: AAAsf / AAAsf / AAsf / Asf / BBB-sf / BB-sf Rating sensitivity to combined increase in charge-off rate and reduced MPR: Current ratings: 'AAAsf', 'AAAsf', 'AAsf'; 'Asf', 'BBBsf', 'BBsf' Increase base case by 25% and decrease by 15%: AAAsf; AAsf; A+sf; BBB+sf; BBB-sf; BB-sf Increase base case by 50% and decrease by 25%: AA+sf; A+sf; A-sf; BBB-sf; BBsf; B+sf Increase base case by 75% and decrease by 35%: AA-sf; A-sf; BBB-sf; BBsf; B+sf; less than Bsf Series 2019-1 Rating sensitivity to increased charge-off rate: Current ratings: 'AAAsf', 'AAAsf', 'AAsf'; 'Asf', 'BBBsf', 'BBsf' Increase base case by 25%: AAAsf / AA+sf / AA-sf / Asf / BBBsf / BBsf Increase base case by 50%: AAAsf / AA+sf / A+sf / BBB+sf / BBB-sf / BB-sf Increase base case by 75%: AAAsf / AA-sf / Asf / BBBsf / BB+sf / B+sf Rating sensitivity to reduced MPR: Current ratings: 'AAAsf', 'AAAsf', 'AAsf'; 'Asf', 'BBBsf', 'BBsf' Decrease base case by 15%: AAAsf / AA+sf / AA-sf / A-sf / BBBsf / BBsf Decrease base case by 25%: AAAsf / AAsf / A+sf / BBB+sf / BBB-sf / BBsf Decrease base case by 35%: AAAsf / AA-sf / Asf / BBBsf / BB+sf / BB-sf Rating sensitivity to reduced yield: Current ratings: 'AAAsf', 'AAAsf', 'AAsf'; 'Asf', 'BBBsf', 'BBsf' Decrease base case by 15%: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf Decrease base case by 25%: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf Decrease base case by 35%: AAAsf / AAAsf / AAsf / Asf / BBB-sf / BB-sf Rating sensitivity to combined increase in charge-off rate and reduced MPR: Current ratings: 'AAAsf', 'AAAsf', 'AAsf'; 'Asf', 'BBBsf', 'BBsf' Increase base case by 25% and decrease by 15%: AAAsf; AAsf; A+sf; BBB+sf; BBB-sf; BB-sf Increase base case by 50% and decrease by 25%: AA+sf; A+sf; A-sf; BBB-sf; BBsf; B+sf Increase base case by 75% and decrease by 35%: AA-sf; A-sf; BBB-sf; BBsf; B+sf; less than Bsf Series 2017-VFN Rating sensitivity to increased charge-off rate: Rating: Asf Increase base case by 25%: Asf Increase base case by 50%: A-sf Increase base case by 75%: BBB+sf Rating sensitivity to reduced MPR: Rating: Asf Decrease base case by 15%: Asf Decrease base case by 25%: A-sf Decrease base case by 35%: BBB+sf Rating sensitivity to reduced yield: Rating: Asf Decrease base case by 15%: Asf Decrease base case by 25%: Asf Decrease base case by 35%: Asf Rating sensitivity to combined increase in charge-off rate and reduced MPR: Rating: Asf Increase base case by 25% and decrease by 15%: A-sf Increase base case by 50% and decrease by 25%: BBBsf Increase base case by 75% and decrease by 35%:BB+sf New Zealand Sales Finance and Credit Cards Trust Rating sensitivity to increased charge-off rate: Current ratings: 'AAAsf'; 'AAsf'; 'Asf', 'BBBsf', 'BBsf' Increase base case by 25%: 'AAAsf'; 'AAsf'; 'Asf', 'BBBsf'; 'BB+sf' Increase base case by 50%: 'AA+sf'; 'A+sf'; 'A-sf', 'BBB-sf'; 'BBsf' Increase base case by 75%: 'AAsf'; 'Asf'; 'BBB+sf', 'BBB-sf'; 'BB-sf' Rating sensitivity to reduced MPR: Current ratings: 'AAAsf'; 'AAsf'; 'Asf', 'BBBsf'; 'BBsf' Decrease base case by 15%: 'AA+sf'; 'AA-sf'; 'Asf', 'BBBsf'; 'BB+sf' Decrease base case by 25%: 'AA+sf'; 'A+sf'; 'BBB+sf', 'BBB-sf'; 'BBsf' Decrease base case by 35%: 'AA-sf'; 'A-sf'; 'BBBsf', 'BB+sf'; 'BB-sf' Rating sensitivity to reduced yield: Current rating: 'AAAsf'; 'AAsf'; 'Asf', 'BBBsf', 'BBsf' Decrease base case by 15%: 'AAAsf'; 'AAsf'; 'A+sf', 'BBB+sf', 'BB+sf' Decrease base case by 25%: 'AAAsf'; 'AAsf'; 'Asf', 'BBBsf', 'BBsf' Decrease base case by 35%: 'AAAsf'; 'AAsf'; 'Asf', 'BBBsf', 'BBsf' Rating sensitivity to combined increase in charge-off rate and reduced MPR: Current ratings: 'AAAsf', 'AAsf', 'Asf', 'BBBsf', 'BBsf' Increase base case by 25% and decrease by 15%: AA+sf; A+sf; BBB+sf; BBB-sf; BBsf Increase base case by 50% and decrease by 25%: A+sf; A-sf; BBBsf; BBsf; B+sf Increase base case by 75% and decrease by 35%: A-sf; BBBsf; BB+sf; BB-sf; Bsf Latitude New Zealand Credit Card Master Trust Series 2018-1 Rating sensitivity to increased charge-off rate: Current Ratings: AAAsf / AAsf / Asf / BBBsf / BBsf Increase base case by 25%: AA+sf / AA-sf / Asf / BBBsf / BB+sf Increase base case by 50%: AA+sf / A+sf / A-sf / BBB-sf / BBsf Increase base case by 75%: AAsf / Asf / BBB+sf / BBB-sf / BB-sf Rating sensitivity to reduced MPR: Rating: AAAsf / AAsf / Asf / BBBsf / BBsf Decrease base case by 15%: AA+sf / AA-sf / A-sf / BBBsf / BB+sf Decrease base case by 25%: AAsf / A+sf / BBB+sf / BBB-sf / BBsf Decrease base case by 35%: A+sf / A-sf / BBBsf / BB+sf / BBsf Rating sensitivity to reduced yield: Rating: AAAsf / AAsf / Asf / BBBsf / BBsf Decrease base case by 15%: AAAsf / AAsf / Asf / BBB+sf / BB+sf Decrease base case by 25%: AAAsf / AAsf / Asf / BBBsf / BBsf Decrease base case by 35%: AA+sf / AAsf / Asf / BBBsf / BBsf Rating sensitivity to combined increase in charge-off rate and reduced MPR: Current ratings: 'AAAsf', 'AAsf', 'Asf', 'BBBsf', 'BBsf' Increase base case by 25% and decrease by 15%: AAsf; A+sf; BBB+sf; BBB-sf; BBsf Increase base case by 50% and decrease by 25%: A+sf; BBB+sf; BBB-sf; BB+sf; B+sf Increase base case by 75% and decrease by 35%: BBB+sf; BBBsf; BB+sf; BB-sf; Bsf 2018-VFN note: Rating sensitivity to increased charge-off rate: Rating: BBBsf Increase base case by 25%: BBBsf Increase base case by 50%: BBB-sf Increase base case by 75%: BB+sf Rating sensitivity to reduced MPR: Rating: BBBsf Decrease base case by 15%: BBBsf Decrease base case by 25%: BBB-sf Decrease base case by 35%: BB+sf Rating sensitivity to reduced yield: Rating: BBBsf Decrease base case by 15%: BBBsf Decrease base case by 25%: BBBsf Decrease base case by 35%: BBB-sf Rating sensitivity to combined increase in charge-off rate and reduced MPR: Current ratings: 'BBBsf' Increase base case by 25% and decrease by 15%: BBB-sf Increase base case by 50% and decrease by 25%: BBsf Increase base case by 75% and decrease by 35%: BB-sf USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pools and the transactions. There were no findings that were material to this analysis. Fitch has reviewed the results of a third-party assessment of the asset portfolios as part of its ongoing monitoring and concluded that there were no findings that affected the ratings analysis. Overall, Fitch's assessment of the asset pool information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. SOURCES OF INFORMATION The information below was used in the analysis: - Transaction reporting data provided by Latitude Finance Australia as at end-November 2019. The issuer has informed Fitch that not all relevant underlying information used in the analysis of the rated notes is public. ESG Considerations Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of 3 - ESG issues are credit neutral or have only a minimal credit impact on these trusts, either due to their nature or the way in which they are being managed by the entity. For more information on our ESG Relevance Scores, visit www.fitchratings.com/esg. Contacts: Surveillance Rating Analyst Timothy Groombridge, Associate Director +61 2 8256 0339 Fitch Australia Pty Ltd Level 15 77 King Street Sydney NSW 2000 Committee Chairperson Natasha Vojvodic, Senior Director +61 2 8256 0350
Media Relations: Peter Hoflich, Singapore, Tel: +65 6796 7229, Email: peter.hoflich@thefitchgroup.com; Leslie Tan, Singapore, Tel: +65 6796 7234, Email: leslie.tan@thefitchgroup.com. Additional information is available on www.fitchratings.com Applicable Criteria Credit Card ABS Rating Criteria (pub. 15 May 2019) https://www.fitchratings.com/site/re/10074846 Fitch Ratings Interest Rate Stress Assumptions for Structured Finance and Covered Bonds (Excel) (pub. 06 Dec 2019) https://www.fitchratings.com/site/re/10104368 Global Structured Finance Rating Criteria (pub. 02 May 2019) https://www.fitchratings.com/site/re/10073280 Structured Finance and Covered Bonds Counterparty Rating Criteria (pub. 18 Apr 2019) https://www.fitchratings.com/site/re/10068780 Structured Finance and Covered Bonds Interest Rate Stresses Rating Criteria (pub. 06 Dec 2019) https://www.fitchratings.com/site/re/10103887 Additional Disclosures Dodd-Frank Rating Information Disclosure Form https://www.fitchratings.com/site/dodd-frank-disclosure/10107706 Solicitation Status https://www.fitchratings.com/site/pr/10107706#solicitation Endorsement Policy https://www.fitchratings.com/regulatory ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 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