July 16, 2012 / 8:33 AM / 5 years ago

TEXT-Fitch affirms three SMART ABS transactions

(The following statement was released by the rating agency)

July 16 - Fitch Ratings has affirmed 26 classes of the SMART series of Australian ABS. The transactions are securitisations of Australian auto and equipment receivables originated by Macquarie Leasing Pty Limited (Macquarie Leasing). The rating actions are as listed below.

The loss performance of these SMART transactions is well within Fitch’s expectations. 30+ day delinquencies have been well below 1%. To date, excess spread has been more than sufficient to cover for losses experienced in each transaction.

Each transaction had been paying principal on a sequential basis as of the May 2012 payment date. The payment method is expected to switch to pro-rata in the near future, and remain so until call date.

SMART Series 2011-2US Trust:

USD55.7m Class A-2a (ISIN USQ8520NAB12) affirmed at ‘AAAsf’; Outlook Stable

USD55.7m Class A-2b (ISIN USQ8520NAC94) affirmed at ‘AAAsf’; Outlook Stable

USD74.4m Class A-3a (ISIN USQ8520NAD77) affirmed at ‘AAAsf’; Outlook Stable

USD96m Class A-3b (ISIN USQ8520NAE50) affirmed at ‘AAAsf’; Outlook Stable

USD153.6m Class A-4a (ISIN USQ8520NAF26) affirmed at ‘AAAsf’; Outlook Stable

AUD14.2m Class B affirmed at ‘AAsf’; Outlook Stable

AUD17.4m Class C affirmed at ‘Asf’; Outlook Stable

AUD15.8m Class D affirmed at ‘BBBsf’; Outlook Stable

AUD15.8m Class E affirmed at ‘BBsf’; Outlook Stable

Class A-1 (ISIN US78446KAA16) paid in full in February 2012

SMART Series 2011-3 Trust:

AUD462.2m Class A-2A (ISIN AU0000SNAHB9) affirmed at ‘AAAsf’; Outlook Stable

GBP107.4m Class A-2G (ISIN XS0691593114) affirmed at ‘AAAsf’; Outlook Stable

AUD20.5m Class B affirmed at ‘AAsf’; Outlook Stable

AUD24.8m Class C affirmed at ‘Asf’; Outlook Stable

AUD22.5m Class D affirmed at ‘BBBsf’; Outlook Stable

AUD22.5m Class E affirmed at ‘BBsf’; Outlook Stable

Class A-1 (ISIN AU0000SNAHA1) paid in full in May 2012

SMART Series 2011-4US Trust:

USD3.3m Class A-1 (ISIN US78446NAA54) affirmed at ‘F1+sf’

USD35m Class A-2a (ISIN US78446NAB38) affirmed at ‘AAAsf’; Outlook Stable

USD123m Class A-2b (ISIN US78446NAC11) affirmed at ‘AAAsf’; Outlook Stable

USD25m Class A-3a (ISIN US78446NAD93) affirmed at ‘AAAsf’; Outlook Stable

USD136m Class A-3b (ISIN US78446NAE76) affirmed at ‘AAAsf’; Outlook Stable

USD30m Class A-4a (ISIN US78446NAF42) affirmed at ‘AAAsf’; Outlook Stable

USD51m Class A-4b (ISIN US78446NAG25) affirmed at ‘AAAsf’; Outlook Stable

AUD11.1m Class B affirmed at ‘AAsf’; Outlook Stable

AUD15.2m Class C affirmed at ‘Asf’; Outlook Stable

AUD13.8m Class D affirmed at ‘BBBsf’; Outlook Stable

AUD12.5m Class E affirmed at ‘BBsf’; Outlook Stable

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