Fitch Assigns Ratings to Mercury Trust No. 1

(The following statement was released by the rating agency)SYDNEY, November 01 (Fitch) Fitch Ratings has assigned Mercury Trust No. 1's AUD174.2m fixed-rate notes a rating of 'A+sf'. The Outlook is Stable. The issuance consists of notes backed by a stream of future receivables.The notes are issued by Perpetual Corporate Trust in its capacity as trustee of Mercury Trust No. 1. KEY RATING DRIVERS The rating reflects Fitch's view of the quality of the receivables sourced from a mature Australian toll road, the rating linkage to the underlying toll road, the strong coverage ratios present, the legal structure of the transaction and the agency's expectations of economic conditions that may impact the performance of the toll road and the receivables.RATING SENSITIVITIES The prospect of a downgrade is considered low at present, given the expected performance of the toll road sourced receivables. An upgrade is also considered low due to current rating cap limitations.DUE DILIGENCE USAGE No third party due diligence was provided or reviewed in relation to this rating action.DATA ADEQUACYFitch reviewed the underlying project documents that provide the source of the receivables and has checked the consistency and plausibility of the information and no material discrepancies were noted that would impact Fitch's rating analysis.Contacts: Primary Analyst David CarrollDirectorPhone +612 8256 0333Fitch Australia Pty LtdLevel 15, 77 King St, Sydney, NSW 2000Secondary Analyst Spencer WilsonAssociate DirectorPhone +612 8256 0320Committee Chairperson Ben McCarthyManaging DirectorPhone +612 8256 0388Media Relations: Leni Vu, Sydney, Tel: +61 2 8256 0304, Email: leni.vu@fitchratings.com.Additional information is available at www.fitchratings.com.The sources of information identified for this rating action were Macquarie Capital Limited, as arranger and the issuer's counsel Clayton Utz. The issuer has informed Fitch that not all relevant underlying information used in the analysis of the rated notes is public.Applicable Criteria Counterparty Criteria for Structured Finance and Covered Bonds (pub. 14 May 2014)https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=744158Criteria for Rating Caps and Limitations in Global Structured Finance Transactions (pub. 28 May 2014)https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748781Global Structured Finance Rating Criteria (pub. 06 Jul 2015)https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867952Rating Criteria for Toll Roads, Bridges and Tunnels (pub. 29 Sep 2015)https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=870170Additional Disclosures Dodd-Frank Rating Information Disclosure Form https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr _id=993268Solicitation Status https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=993268Endorsement 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.