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La Trobe Australian Warehouse Trust Class A1 And Class B1 Note Ratings Affirmed

MELBOURNE (S&P Global Ratings) Nov. 13, 2023--S&P Global Ratings today affirmed its 'AAA (sf)' ratings on the class A1 and class B1 residential mortgage-backed securities (RMBS) issued by Perpetual Corporate Trust Ltd. as trustee for La Trobe Australian Warehouse Trust. La Trobe Australian Warehouse Trust is a securitization of nonconforming and prime residential mortgages originated by La Trobe Financial Services Pty Ltd.

The rating affirmations follow the sale of loans from the La Trobe Australian Warehouse Trust and the subsequent repayment of notes. Approximately A$165.1 million of residential mortgage loans have been sold out of the La Trobe Australian Warehouse Trust. This reduces the total balance of the portfolio to about A$444.26 million. In the transaction documents, the trustee can issue new notes to fund the acquisition of additional loans by the trust or redeem existing notes when loans are being sold out of the trust.

The rating affirmations reflect:

  • Our view of the credit risk of the underlying collateral portfolio following the substitution of mortgages. The revised pool has a weighted-average loan-to-value ratio of approximately 67.8% and borrowers with one or more credit event make up 2.80% of the portfolio. Interest-only loans make up 20.1% of the pool balance, with loans converting to fully amortizing within five years.
  • The asset performance, with 1.40% of the pool balance more than 30 days in arrears.
  • Our view that the credit support provided to each class of notes is commensurate with the ratings assigned. Credit support is provided by subordination and excess spread. Our assessment of credit risk takes into account La Trobe Financial's underwriting standards, approval process, and servicing quality.
  • That the transaction's cash flows can meet timely payment of interest and ultimate repayment of principal to the noteholders under the rating stresses.
  • The counterparty support provided by Commonwealth Bank of Australia as bank account provider. The transaction documents for the bank accounts include downgrade language consistent with our "Counterparty Risk Framework: Methodology And Assumptions" criteria, published on March 8, 2019, that requires the replacement of the counterparty if our rating on it falls below the applicable rating.

Related Criteria

Related Research

Ratings Affirmed

La Trobe Australian Warehouse Trust
  • Class A1, A$391,800,000: AAA (sf)
  • Class A2, A$0: Not rated
  • Class B1, A$10,000: AAA (sf)
  • Class B2, A$49,280,000: Not rated
  • Class B3, A$0: Not rated
  • Class B4, A$0: Not rated
  • Class Equity, A$9,010,000: Not rated

The issuer has not informed S&P Global Ratings Australia Pty Ltd. whether the issuer is publicly disclosing all relevant information about the structured finance instruments that are subject to this rating report or whether relevant information remains nonpublic.


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


S&P Global Ratings Australia Pty Ltd holds Australian financial services license number 337565 under the Corporations Act 2001. S&P Global Ratings' credit ratings and related research are not intended for and must not be distributed to any person in Australia other than a wholesale client (as defined in Chapter 7 of the Corporations Act).

Primary Credit Analyst:Mallika Khare, Melbourne +61 3 9631 2135;
Secondary Contact:Alisha Treacy, Melbourne + 61 3 9631 2182;

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