Fitch rates Triton Trust Bond Series

Global rating agency Fitch has assigned Triton Trust No.2 Bond Series 2013-1 (Series) ratings as listed below. The transaction is a securitisation of first-ranking Australian residential mortgage loans originated through Origin Mortgage Management Services (Origin), a wholesale mortgage business previously owned by Australia & New Zealand Banking Group (ANZ, AA/Stable/F1+), due March 2043. The Origin portfolio was acquired by Columbus Capital Pty Limited (Columbus) in September 2012.

The notes are issued by Perpetual Corporate Trust Limited, in its capacity as trustee of the Series.

The role of servicer is in the process of being transitioned from ANZ to Columbus at the time of closing in March 2013. Columbus expects the full transfer to be complete before end-2013. Fitch does not view the possibility of payment interruption to be a major risk, given that Columbus has acquired the relevant payment account numbers to ensure there are no significant changes at the borrower level. ANZ will also be available to extend its sub-servicer role if required.

At the cut-off date, the total collateral pool consisted of 3,494 loans totalling approximately AUD495.3m. The weighted average current loan-to-value ratio is 60.5%, and the weighted average seasoning is 95.6 months.

The pool comprises 92.3% fully verified documentation loans and 7.7% low- documentation mortgages. Investment loans comprise 45.7% of the pool, while owner occupier mortgages make up the remainder. Fixedrate mortgages account for 3.8% of the pool. The pool has geographic diversification, with the largest state concentration being New South Wales ( 36.1%). Fitch has incorporated all the above factors in its credit analysis of the transaction.