(The following statement was released by the rating agency)
July 16 - Fitch Ratings has affirmed BNZ RMBS Trust 2008-1 class A notes at ‘AAAsf’ with Stable Outlook. The transaction is a securitisation of first-ranking New Zealand conforming residential mortgages originated by Bank of New Zealand (‘AA-'/Stable/‘F1+'). The full details of the notes are as follows:
NZD4,379m Class A (ISIN NZBNRDT001C6) affirmed at ‘AAAsf’; Outlook Stable
The affirmation of the class A notes reflects Fitch’s view that the available credit enhancement is able to support the notes at their current rating level. The credit quality and performance of the loans in the collateral pool have remained in line with the agency’s expectations. The transaction remains within its substitution period and no amortisation has occurred.
As of 25 June 2012, 30+ days arrears were 0.1% of the total collateral pool. No gross losses have been recorded since the transaction closed in November 2008.