(The following statement was released by the rating agency)SYDNEY, January 25 (Fitch) Fitch Ratings has affirmed the ratings of five conforming RMBS transactions issued by Perpetual Trustee Company Limited in its capacity as trustee of the RESIMAC Triomphe Trusts. The transactions are backed by pools of Australian conforming residential mortgages originated by RESIMAC Limited. The full list of rating actions can be found at the end of this commentary.KEY RATING DRIVERSThe affirmations reflect Fitch's view that available credit enhancement is sufficient to support the notes' current ratings, and can withstand a deterioration of economic conditions in Australia in line with the agency's expectations. The credit quality and performance of the loans in the collateral pools have also remained in line with expectations.As per the APAC Residential Mortgage criteria, the default model was not run for four out of the five transactions for this rating action, as a review of pre-determined performance triggers indicates that the transactions display stable asset performance. The default model was run for the RESIMAC 2015-1 transaction.At 30 November 2015, 30+ days arrears levels for four of the five RESIMAC transactions tracked below Fitch's 3Q15 Dinkum Index of 0.91%. RESIMAC 2013-1 RMBS Trust showed the highest level of arrears at 1.20%, while RESIMAC 2012-1 recorded the lowest level at 0.22%.All transactions are 100% covered by lenders' mortgage insurance (LMI) 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). The transactions have experienced low levels of losses, with all losses covered by LMI or excess spread.RATING SENSITIVITIESThe initial sequential pay-down has resulted in an increase in credit enhancement levels for the senior notes of all the transactions, with the 'AAAsf' rated notes able to withstand multiples of the latest reported arrears. The ratings are not expected to be affected by modest changes in performance.The ratings of all the transactions' Class A notes are independent of downgrades to the LMI providers' ratings.The Class AB notes' ratings are unlikely to change unless there is a significant reduction in LMI claims paid and where Fitch considers that levels of excess spread are no longer adequate.For the RESIMAC 2015-1 transaction, Fitch's 'AAAsf' breakeven stressed default rate is 11.73%. The Class A notes can withstand an additional 27.37% in defaults at Fitch's 'AAAsf' loss severity. The Class AB notes can withstand an additional 3.91% in defaults at Fitch's 'AAAsf' loss severity.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 RESIMAC Limited 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.The rating actions are as follows:RESIMAC 2011-1:AUD116.4m Class A notes affirmed at 'AAAsf'; Outlook Stable; andAUD10.4m Class AB notes affirmed at 'AAAsf'; Outlook Stable.RESIMAC 2012-1:AUD118.1m Class A1-R notes affirmed at 'AAAsf'; Outlook Stable;AUD41.2m Class A2 notes affirmed at 'AAAsf'; Outlook Stable; andAUD18.5m Class AB notes affirmed at 'AAAsf'; Outlook Stable.RESIMAC 2013-1:AUD202.1m Class A2-R notes affirmed at 'AAAsf'; Outlook Stable;AUD108.2m Class A3 notes affirmed at 'AAAsf'; Outlook Stable; andAUD44.6m Class AB notes affirmed at 'AAAsf'; Outlook Stable.RESIMAC 2014-1:USD136.6 Class A1 notes affirmed at 'AAAsf'; Outlook Stable; AUD333.1m Class A2 notes affirmed at 'AAAsf'; Outlook Stable; andAUD33.8m Class AB notes affirmed at 'AAAsf'; Outlook StableRESIMAC 2015-1:AUD405.0m Class A notes affirmed at 'AAAsf'; Outlook Stable;AUD30.0m Class AB notes affirmed at 'AAAsf'; Outlook Stable; Contacts: Lead Surveillance Analyst James ZanesiDirector+61 2 8256 0306Fitch 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, RESIMAC Limited. 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 RESIMAC Triomphe Trust - RESIMAC Premier Series 2011-1 https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=622389RESIMAC Triomphe Trust - RESIMAC Premier Series 2012-1 https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=681672RESIMAC Triomphe Trust - RESIMAC Premier Series 2013-1 https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=703697RESIMAC Triomphe Trust - RESIMAC Premier Series 2013-1 - Appendixhttps://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=703699RESIMAC Triomphe Trust - RESIMAC Premier Series 2014-1 https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=749630RESIMAC Triomphe Trust â RESIMAC Premier Series 2012-1 - Appendixhttps://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=681674RESIMAC Triomphe Trust â RESIMAC Premier Series 2014-1 - Appendixhttps://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=749822RESIMAC Triomphe Trust â RESIMAC Premier Series 2015-1 https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=869683RESIMAC Triomphe Trust â RESIMAC Premier Series 2015-1 - Appendixhttps://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=869684Additional Disclosures Dodd-Frank Rating Information Disclosure Form https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr _id=998301Solicitation Status https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=998301Endorsement 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 PUBLIC WEBSITE '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.