Scenario Analysis: 2010 Update To Lenders' Mortgage Insurance Sensitivity Analysis Of Australian Prime RMBS Jul 10

Standard & Poors, July 2010

Abstract
Despite the global economic downturn and mild slowdown in Australia, the performance of the country's residential mortgage-backed securities (RMBS) has remained largely stable, generally supported by strong domestic housing market fundamentals. To date, Australian prime RMBS transactions rated by Standard & Poor's Ratings Services have used lenders' mortgage insurance (LMI) as the main form of credit support. Consequently, the ratings on these RMBS may be affected by deterioration in the financial strength of LMI providers. The two main LMI providers in Australia, QBE Lenders' Mortgage Insurance Ltd. (QBE LMI) and Genworth Financial Mortgage Insurance Pty Ltd. (Genworth), remain financially strong (both rated AA-) with stable rating outlooks, which has contributed to ratings stability in the RMBS sector to date. Furthermore,...

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

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