(The following was released by the rating agency)
-- Goodman Wholesale CMBS Pty Ltd. Series MGW 1-1 comprises two classes of CMBS that are secured by a cross-collateralized portfolio of 22 industrial properties.
-- One property is being removed from the collateral portfolio, and an additional property will be added to the collateral pool.
-- We have affirmed the ratings on the two classes of notes outstanding after reviewing the changes to the collateral pool.
SYDNEY (Standard & Poor's) April 5, 2012--Standard & Poor's Ratings Services today said that it has affirmed its ratings on two classes of commercial-mortgage-backed securities (CMBS) issued by Goodman Wholesale CMBS Pty Ltd. Series MGW 1-1 (see list). The rating affirmations reflect our view that the rated notes are able to withstand stresses that are commensurate with the current rating levels.
One property--Hampton Park Distribution Centre, Hampton Park, Victoria--is being removed from the collateral pool, and a new asset--Port Wakefield Distribution Centre, Gepps Cross, South Australia--will be included in the collateral pool. We have affirmed the ratings after reviewing the changes to the portfolio and the overall performance of the portfolio. We also considered the cross collateralization of and diversity within the collateral portfolio in affirming the ratings.
The issuer has not informed Standard & Poor's (Australia) Pty Ltd. whether the issuer is publically disclosing all relevant information about the structured finance instruments the subject of this report or whether relevant information remains non-public.
Standard & Poor's 17g-7 Disclosure Report
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined in the Rule, to include a description of the representations, warranties and enforcement mechanisms available to investors and a description of how they differ from the representations, warranties and enforcement mechanisms in issuances of similar securities. The Rule applies to in-scope securities initially rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report included in this credit rating report is available here.
-- Principles Of Credit Ratings, Feb. 16, 2011
-- Minimum Tail Period for Australian and New Zealand CMBS Transactions, July 8, 2008
-- Guide to Legal Issues in Rating Australian Securitization, March 1, 2005
A AAA (sf)
B AA (sf)