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RESIMAC Triomphe Trust - RESIMAC Premier Series 2019-1 Ratings Raised On Two Note Classes; Four Classes Affirmed


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RESIMAC Triomphe Trust - RESIMAC Premier Series 2019-1 Ratings Raised On Two Note Classes; Four Classes Affirmed

MELBOURNE (S&P Global Ratings) May 18, 2023--S&P Global Ratings today raised its ratings on two classes of prime residential mortgage-backed securities (RMBS) issued by Perpetual Trustee Co. Ltd. as trustee for RESIMAC Triomphe Trust - RESIMAC Premier Series 2019-1. At the same time, we affirmed our ratings on four classes of notes issued out of the same trust (see list).

The rating actions reflect our view of the credit support available, which is sufficient to withstand the stresses we apply. Credit support comprises note subordination for all rated notes, lenders' mortgage insurance covering 16.8% of the loan pool, and excess spread, if any.

The overall credit quality of the underlying collateral pool, which as of April 30, 2023, has a pool factor of 31.1%, continues to improve, with weighted-average seasoning of 59 months and a current weighted-average loan-to-value ratio of 60%. These positive factors lower our expectation of loss.

The pool has generally displayed good asset performance, having tracked below the Standard & Poor's Performance Index since inception, with the exception of recent months, which has seen elevated arrears levels. As of April 30, 2023, loans greater than 30 days in arrears comprise 1.1% of the total portfolio. There have been minimal losses to date, A$9,563 as of April 30, 2023, all of which have been covered by excess spread.

The transaction's cash flows support the timely payment of interest and ultimate payment of principal to the rated classes of notes under our rating stress assumptions.

The rated classes of notes are currently paying on a pro rata basis since conditions are met. These include meeting performance triggers and the call-option date not having occurred.

Our expectation is that the various mechanisms to support liquidity within the transactions, including principal draws, and amortizing liquidity facility are sufficient to ensure timely payment of interest.

Related Criteria

Related Research

Ratings Raised

RESIMAC Triomphe Trust - RESIMAC Premier Series 2019-1
  • Class C: to AA+ (sf) from AA (sf)
  • Class D: to A+ (sf) from A (sf)

Ratings Affirmed

RESIMAC Triomphe Trust - RESIMAC Premier Series 2019-1
  • Class A1-L: AAA (sf)
  • Class AB: AAA (sf)
  • Class B: AAA (sf)
  • Class E: BBB (sf)


Please refer to the initial rating report for any additional regulatory disclosures that may apply to a transaction.


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Primary Credit Analyst:Justin Rockman, Melbourne + 61 3 9631 2183;
Secondary Contact:Elizabeth A Steenson, Melbourne + 61 3 9631 2162;

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