MELBOURNE (S&P Global Ratings) Nov. 17, 2023--S&P Global Ratings today raised its ratings on five classes of notes issued by Perpetual Trustee Co. Ltd. as trustee for RESIMAC Triomphe Trust - RESIMAC Premier Series 2021-3. At the same time, we affirmed our ratings on three classes of notes (see list).
The rating actions reflect our view of the credit risk of the underlying collateral portfolio. The asset pool has continued to amortize and has a pool factor of around 50.4% as of Oct. 3, 2023. Furthermore, the portfolio has strengthened, with a weighted-average current loan-to-value ratio of 60.1% and weighted-average seasoning of 40 months. These positive factors have been partly offset by an increase in delinquent loans, with loans more than 30 days in arrears comprising 1.72% of the current pool balance, while there have been no losses to date.
Principal repayments on the rated classes of notes are currently on a sequential basis, and as a result there has been a significant buildup of subordination. However, the pro-rata trigger for the second anniversary since transaction close will be met next month. If all performance triggers are also met, the transaction will switch to pro-rata principal repayment, including to the unrated class G note, from which point the percentage of credit support provided to the rated notes will cease to increase.
We have also considered in our analysis the current effects of increasing interest rates and cost-of-living pressures. These qualitative factors constrain our ratings on the class D, class E, and class F notes below model-implied outcomes.
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RESIMAC Triomphe Trust - RESIMAC Premier Series 2021-3
- Class B: to AA+ (sf) from AA (sf)
- Class C: to A+ (sf) from A (sf)
- Class D: to BBB+ (sf) from BBB (sf)
- Class E: to BB+ (sf) from BB (sf)
- Class F: to B+ (sf) from B (sf)
RESIMAC Triomphe Trust - RESIMAC Premier Series 2021-3
- Class A1: AAA (sf)
- Class A2: AAA (sf)
- Class AB: AAA (sf)
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:||Justin Rockman, Melbourne + 61 3 9631 2183;|
|Secondary Contact:||Elizabeth A Steenson, Melbourne + 61 3 9631 2162;|
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