April 5, 2012 / 5:42 AM / 6 years ago

TEXT-Fitch affirms HBS Trust 2004-1 notes

(The following was released by the rating agency)

SYDNEY, April 05 (Fitch) Fitch Ratings has affirmed HBS Trust 2004-1, a securitisation of first-ranking Australian residential mortgages originated by Heritage Bank Limited, as below:

AUD59.8m Class A (ISIN AU300HBS8010) affirmed at ‘AAAsf’; Outlook Stable

AUD3.3m Class B (ISIN AU300HBS8028) affirmed at ‘BBsf’; Outlook Stable

The affirmation reflects Fitch’s view that credit enhancement levels have continued to support the notes’ current ratings. As of end-February 2012, arrears of 30+ days were low at 0.15% while arrears of 60+ days were zero.

“Credit quality of the pool remains strong and in line with Fitch’s expectations, while performance remains stable with arrears typically tracking below Fitch’s 30+ Days Dinkum Index,” said Anthea Clark, Associate Director in Fitch’s Structured Finance team.

HBS Trust 2004-1 has amortised to 12.6% of the original note balance.

All loans in the pool are covered by mortgage insurance provided by Permanent LMI Pty Ltd and QBE Lenders’ Mortgage Insurance Limited (‘AA-'/Stable) . Losses in the underlying pool have been limited since the transaction closed in July 2004, and covered by lender’s mortgage insurance.

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