Fitch Affirms Three Crusade ABS Series Transactions

(The following statement was released by the rating agency)SYDNEY, October 12 (Fitch) Fitch Ratings has affirmed the ratings of 15 tranches from three Crusade ABS Series transactions. The transactions are securitisations of Australian auto receivables originated by St.George Finance Limited. The rating actions are listed below: Crusade ABS Series 2012-1 Trust:AUD328.7m Class A affirmed at 'AAAsf'; Outlook Stable;AUD26.3m Class B affirmed at 'AAsf'; Outlook Stable;AUD15.8m Class C affirmed at 'Asf'; Outlook Stable;AUD10.5m Class D affirmed at 'BBBsf'; Outlook Stable; andAUD9.7m Class E affirmed at 'BBsf'; Outlook Stable.Crusade ABS Series 2013-1 Trust:AUD555m Class A notes affirmed at 'AAAsf'; Outlook Stable;AUD32.8m Class B notes affirmed at 'AAsf'; Outlook Stable; AUD24.6m Class C notes affirmed at 'Asf'; Outlook Stable; AUD19.7m Class D notes affirmed at 'BBBsf'; Outlook Stable; AUD11.5m Class E notes affirmed at 'BBsf'; Outlook Stable; Crusade ABS Series 2015-1 Trust:AUD648m Class A notes affirmed at 'AAAsf'; Outlook Stable;AUD40m Class B notes affirmed at 'AAsf'; Outlook Stable; AUD29m Class C notes affirmed at 'Asf'; Outlook Stable; AUD25.5m Class D notes affirmed at 'BBBsf'; Outlook Stable; AUD16m Class E notes affirmed at 'BBsf'; Outlook Stable; KEY RATING DRIVERSThe affirmations reflect Fitch's view that the transactions have performed within expectations since closing and in line with its expectations of Australia's economic conditions. Total net losses have been below or in line with Fitch's base cases to date and excess spread has covered any losses incurred. The ratings also reflect St.George Finance Limited's underwriting and servicing capabilities, the quality of the collateral, and performance of the underlying loans, which have remained in line with the agency's expectations.Crusade ABS Series 2015-1 Trust is currently within a 12-month substitution period, which ends on the payment date in May 2016, and to date, all principal proceeds have been allocated to purchasing additional receivables or have been retained to purchase additional receivables. Crusade ABS Series 2015-1 Trust's arrears and losses are low given the transaction has been issued recently in March 2015.The substitution periods for Crusade ABS Series 2012-1 Trust and Crusade ABS Series 2013-1 Trust have ended and the transactions' pro-rata triggers have been satisfied, with the transactions amortising pari passu across all notes, limiting the build-up of credit enhancement.At 31 August 2015, 30+days arrears for both transactions were above Fitch's Dinkum ABS index of 1.34%. Crusade ABS Series 2013-1 Trust: 30+days and 90+days delinquency rates were 2.2% and 0.7% of the collateral pool, respectively, at 31 August 2015. Cumulative losses since closing have been in line with expectations, totalling AUD5.7m. All losses have been covered by recoveries or excess spread.Crusade ABS Series 2012-1 Trust: 30+days and 90+day delinquency rates were 3.3% and 1.2% of the collateral pool, respectively, at 31 August 2015. Cumulative losses since closing have been in line with expectations, totalling AUD14.0m. All losses have been covered by recoveries or excess spread.RATING SENSITIVITIES An unexpected increase in delinquencies, defaults and losses would be necessary before any negative rating action would be considered. An upgrade may be considered in the event that net losses stabilise.DUE DILIGENCE USAGENo third-party due diligence was provided or reviewed in relation to this rating actionDATA ADEQUACY Fitch conducted a file review of 10 sample loan files focusing on the underwriting procedures conducted by St.George Finance 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.Contacts: Surveillance AnalystJames ZanesiDirector+61 2 8256 0306Fitch Australia Pty Ltd., Level 15, 77 King St, Sydney, NSW 2000Committee 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 is provided by St.George Finance. The issuer has informed Fitch that not all relevant underlying information used in the analysis of the rated notes is public.Applicable Criteria APAC Consumer ABS Rating Criteria (pub. 24 Jul 2014)https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=752957Counterparty 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 Structured Finance Rating Criteria (pub. 06 Jul 2015)https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952Related Research Crusade ABS Series 2012-1 Trust https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=697014Crusade ABS Series 2012-1 Trust - Appendixhttps://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=697013Crusade ABS Series 2013-1 Trust https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=727136Crusade ABS Series 2013-1 Trust - Appendixhttps://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=707136Crusade ABS Series 2013-1 Trust - Appendixhttps://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=727137Crusade ABS Series 2015-1 Trust https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863739Crusade ABS Series 2015-1 Trust - Appendixhttps://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863740Representations, 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=992120Solicitation Status https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=992120Endorsement 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.(The following statement was released by the rating agency)SYDNEY, October 12 (Fitch) Fitch Ratings has affirmed the ratings of 15 tranches from three Crusade ABS Series transactions. The transactions are securitisations of Australian auto receivables originated by St.George Finance Limited. The rating actions are listed below: Crusade ABS Series 2012-1 Trust:AUD328.7m Class A affirmed at 'AAAsf'; Outlook Stable;AUD26.3m Class B affirmed at 'AAsf'; Outlook Stable;AUD15.8m Class C affirmed at 'Asf'; Outlook Stable;AUD10.5m Class D affirmed at 'BBBsf'; Outlook Stable; andAUD9.7m Class E affirmed at 'BBsf'; Outlook Stable.Crusade ABS Series 2013-1 Trust:AUD555m Class A notes affirmed at 'AAAsf'; Outlook Stable;AUD32.8m Class B notes affirmed at 'AAsf'; Outlook Stable; AUD24.6m Class C notes affirmed at 'Asf'; Outlook Stable; AUD19.7m Class D notes affirmed at 'BBBsf'; Outlook Stable; AUD11.5m Class E notes affirmed at 'BBsf'; Outlook Stable; Crusade ABS Series 2015-1 Trust:AUD648m Class A notes affirmed at 'AAAsf'; Outlook Stable;AUD40m Class B notes affirmed at 'AAsf'; Outlook Stable; AUD29m Class C notes affirmed at 'Asf'; Outlook Stable; AUD25.5m Class D notes affirmed at 'BBBsf'; Outlook Stable; AUD16m Class E notes affirmed at 'BBsf'; Outlook Stable; KEY RATING DRIVERSThe affirmations reflect Fitch's view that the transactions have performed within expectations since closing and in line with its expectations of Australia's economic conditions. Total net losses have been below or in line with Fitch's base cases to date and excess spread has covered any losses incurred. The ratings also reflect St.George Finance Limited's underwriting and servicing capabilities, the quality of the collateral, and performance of the underlying loans, which have remained in line with the agency's expectations.Crusade ABS Series 2015-1 Trust is currently within a 12-month substitution period, which ends on the payment date in May 2016, and to date, all principal proceeds have been allocated to purchasing additional receivables or have been retained to purchase additional receivables. Crusade ABS Series 2015-1 Trust's arrears and losses are low given the transaction has been issued recently in March 2015.The substitution periods for Crusade ABS Series 2012-1 Trust and Crusade ABS Series 2013-1 Trust have ended and the transactions' pro-rata triggers have been satisfied, with the transactions amortising pari passu across all notes, limiting the build-up of credit enhancement.At 31 August 2015, 30+days arrears for both transactions were above Fitch's Dinkum ABS index of 1.34%. Crusade ABS Series 2013-1 Trust: 30+days and 90+days delinquency rates were 2.2% and 0.7% of the collateral pool, respectively, at 31 August 2015. Cumulative losses since closing have been in line with expectations, totalling AUD5.7m. All losses have been covered by recoveries or excess spread.Crusade ABS Series 2012-1 Trust: 30+days and 90+day delinquency rates were 3.3% and 1.2% of the collateral pool, respectively, at 31 August 2015. Cumulative losses since closing have been in line with expectations, totalling AUD14.0m. All losses have been covered by recoveries or excess spread.RATING SENSITIVITIES An unexpected increase in delinquencies, defaults and losses would be necessary before any negative rating action would be considered. An upgrade may be considered in the event that net losses stabilise.DUE DILIGENCE USAGENo third-party due diligence was provided or reviewed in relation to this rating actionDATA ADEQUACY Fitch conducted a file review of 10 sample loan files focusing on the underwriting procedures conducted by St.George Finance 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.Contacts: Surveillance AnalystJames ZanesiDirector+61 2 8256 0306Fitch Australia Pty Ltd., Level 15, 77 King St, Sydney, NSW 2000Committee 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 is provided by St.George Finance. The issuer has informed Fitch that not all relevant underlying information used in the analysis of the rated notes is public.Applicable Criteria APAC Consumer ABS Rating Criteria (pub. 24 Jul 2014)https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=752957Counterparty 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 Structured Finance Rating Criteria (pub. 06 Jul 2015)https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952Related Research Crusade ABS Series 2012-1 Trust https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=697014Crusade ABS Series 2012-1 Trust - Appendixhttps://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=697013Crusade ABS Series 2013-1 Trust https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=727136Crusade ABS Series 2013-1 Trust - Appendixhttps://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=707136Crusade ABS Series 2013-1 Trust - Appendixhttps://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=727137Crusade ABS Series 2015-1 Trust https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863739Crusade ABS Series 2015-1 Trust - Appendixhttps://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863740Representations, 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=992120Solicitation Status https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=992120Endorsement 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.(The following statement was released by the rating agency)SYDNEY, October 12 (Fitch) Fitch Ratings has affirmed the ratings of 15 tranches from three Crusade ABS Series transactions. The transactions are securitisations of Australian auto receivables originated by St.George Finance Limited. The rating actions are listed below: Crusade ABS Series 2012-1 Trust:AUD328.7m Class A affirmed at 'AAAsf'; Outlook Stable;AUD26.3m Class B affirmed at 'AAsf'; Outlook Stable;AUD15.8m Class C affirmed at 'Asf'; Outlook Stable;AUD10.5m Class D affirmed at 'BBBsf'; Outlook Stable; andAUD9.7m Class E affirmed at 'BBsf'; Outlook Stable.Crusade ABS Series 2013-1 Trust:AUD555m Class A notes affirmed at 'AAAsf'; Outlook Stable;AUD32.8m Class B notes affirmed at 'AAsf'; Outlook Stable; AUD24.6m Class C notes affirmed at 'Asf'; Outlook Stable; AUD19.7m Class D notes affirmed at 'BBBsf'; Outlook Stable; AUD11.5m Class E notes affirmed at 'BBsf'; Outlook Stable; Crusade ABS Series 2015-1 Trust:AUD648m Class A notes affirmed at 'AAAsf'; Outlook Stable;AUD40m Class B notes affirmed at 'AAsf'; Outlook Stable; AUD29m Class C notes affirmed at 'Asf'; Outlook Stable; AUD25.5m Class D notes affirmed at 'BBBsf'; Outlook Stable; AUD16m Class E notes affirmed at 'BBsf'; Outlook Stable; KEY RATING DRIVERSThe affirmations reflect Fitch's view that the transactions have performed within expectations since closing and in line with its expectations of Australia's economic conditions. Total net losses have been below or in line with Fitch's base cases to date and excess spread has covered any losses incurred. The ratings also reflect St.George Finance Limited's underwriting and servicing capabilities, the quality of the collateral, and performance of the underlying loans, which have remained in line with the agency's expectations.Crusade ABS Series 2015-1 Trust is currently within a 12-month substitution period, which ends on the payment date in May 2016, and to date, all principal proceeds have been allocated to purchasing additional receivables or have been retained to purchase additional receivables. Crusade ABS Series 2015-1 Trust's arrears and losses are low given the transaction has been issued recently in March 2015.The substitution periods for Crusade ABS Series 2012-1 Trust and Crusade ABS Series 2013-1 Trust have ended and the transactions' pro-rata triggers have been satisfied, with the transactions amortising pari passu across all notes, limiting the build-up of credit enhancement.At 31 August 2015, 30+days arrears for both transactions were above Fitch's Dinkum ABS index of 1.34%. Crusade ABS Series 2013-1 Trust: 30+days and 90+days delinquency rates were 2.2% and 0.7% of the collateral pool, respectively, at 31 August 2015. Cumulative losses since closing have been in line with expectations, totalling AUD5.7m. All losses have been covered by recoveries or excess spread.Crusade ABS Series 2012-1 Trust: 30+days and 90+day delinquency rates were 3.3% and 1.2% of the collateral pool, respectively, at 31 August 2015. Cumulative losses since closing have been in line with expectations, totalling AUD14.0m. All losses have been covered by recoveries or excess spread.RATING SENSITIVITIES An unexpected increase in delinquencies, defaults and losses would be necessary before any negative rating action would be considered. An upgrade may be considered in the event that net losses stabilise.DUE DILIGENCE USAGENo third-party due diligence was provided or reviewed in relation to this rating actionDATA ADEQUACY Fitch conducted a file review of 10 sample loan files focusing on the underwriting procedures conducted by St.George Finance 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.Contacts: Surveillance AnalystJames ZanesiDirector+61 2 8256 0306Fitch Australia Pty Ltd., Level 15, 77 King St, Sydney, NSW 2000Committee 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 is provided by St.George Finance. The issuer has informed Fitch that not all relevant underlying information used in the analysis of the rated notes is public.Applicable Criteria APAC Consumer ABS Rating Criteria (pub. 24 Jul 2014)https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=752957Counterparty 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 Structured Finance Rating Criteria (pub. 06 Jul 2015)https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952Related Research Crusade ABS Series 2012-1 Trust https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=697014Crusade ABS Series 2012-1 Trust - Appendixhttps://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=697013Crusade ABS Series 2013-1 Trust https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=727136Crusade ABS Series 2013-1 Trust - Appendixhttps://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=707136Crusade ABS Series 2013-1 Trust - Appendixhttps://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=727137Crusade ABS Series 2015-1 Trust https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863739Crusade ABS Series 2015-1 Trust - Appendixhttps://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863740Representations, 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=992122Solicitation Status https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=992122Endorsement 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.