New Zealand RMBS Ratings List Following Release of Updated New Zealand RMBS Criteria Sep 11

Published: September 2011
Standard & Poors

FEATURED COMPANIES

PSIS RMBS Trust 2010-1
SBS Oreti Trust No 2
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Abstract
On Sept. 14, 2011, our updated criteria for assessing analyzing credit risk associated with collateral backing New Zealand residential mortgage-backed securities (RMBS) (see "New Zealand RMBS Rating Methodology And Assumptions") were released and became effective. As a result, we have taken various rating actions on 37 New Zealand RMBS, including affirming 20 ratings, placing 12 ratings on CreditWatch with negative implications, and placing five ratings on CreditWatch with positive implications. The tables below provide the transaction names, series, and ratings for the affected New Zealand transactions. For the related media release, see " 20 New Zealand RMBS Tranches Affirmed And 17 Placed On CreditWatch After New Zealand RMBS Criteria Update", published to Global Credit Portal on Sept. 14, 2011. Table...

Companies mentioned in this report are:
- Interstar NZ Millennium Series 2004-A Trust
- Sapphire III NZ Series 2006-1 Trust
- Sapphire IV NZ Series 2007-1
- Liberty NZ Series 2007-1 Trust
- SBS Oreti Trust No 2
- PSIS RMBS Trust 2010-1
- NZF Mortgages 2010-1 Trust

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- Interstar NZ Millennium Series 2004-A Trust
- Sapphire III NZ Series 2006-1 Trust
- Sapphire IV NZ Series 2007-1
- Liberty NZ Series 2007-1 Trust
- SBS Oreti Trust No 2
- PSIS RMBS Trust 2010-1
- NZF Mortgages 2010-1 Trust