Fitch: Update on RWN on Interstar Millennium Series 2005-3E Trust

(The following statement was released by the rating agency)SYDNEY, October 09 (Fitch) Fitch Ratings placed three notes issued under Interstar Millennium Series 2005-3E Trust on Rating Watch Negative (RWN) on 19 June 2015 due to the downgrade of The Royal Bank of Scotland (LONDON:RBS) plc (RBS, BBB+/Stable/F2) on 19 May 2015. RBS is a currency swap provider for the transaction. Fitch's rating action commentary on 19 June 2015 stated that RBS had not complied with its obligations to take remedial action within 30 days of the downgrade, which was based on the information Fitch had at the time. Fitch has subsequently become aware that RBS did take remedial action within 30 days and therefore complied with its obligations under the transaction's swap documentation. RBS is collateralising in accordance with the transaction documents, which reflect Fitch's counterparty criteria at the time of the transaction's closing. As Fitch always applies its current criteria in assessing transactions, the notes remain on RWN. Discussions between RBS and the trust manager are continuing in relation to collateralising in accordance with Fitch's current counterparty criteria. Fitch expects to resolve the RWN in upcoming weeks.The ratings are as follows: GBP46.8m Class A2 notes (ISIN XS0232803709) 'AAAsf'; RWNAUD37.0m Class AB notes (ISIN AU300INTD010) 'AAAsf'; RWNAUD44.5m Class B notes (ISIN AU300INTD028) 'Bsf'; RWNThe rating action commentary "Fitch Affirms Six Interstar Millennium Series Transactions; Places One on Rating Watch Negative" dated 19 June 2015 is available on www.fitchratings.com.Contacts:James ZanesiDirector+612 8256 0306Fitch Australia Pty Ltd., Level 15, 77 King St, Sydney, NSW 2000Natasha VojvodicSenior Director+612 8256 0350Media Relations: Leni Vu, Sydney, Tel: +61 2 8256 0304, Email: leni.vu@fitchratings.com.Additional information is available at www.fitchratings.com.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=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=744175ALL 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.