100% LTV Added To Australian RMBS Market Mar 99

Standard & Poors, March 1999

Abstract
A recent Australian residential mortgage-backed securities (RMBS) transaction, Series 1999-1 HLC Trust, is that country's first securitization of 100% loan-to-value (LTV) mortgages. The transaction is also the first Australian securitization of non-standard mortgage products rated by Standard & Poor's. "Currently, there is a lot more competition in the Australian mortgage industry, and a number of new product types, including 100% LTV loans, have been introduced," said Ted Burbage, director and head of Standard & Poor's Structured Finance Ratings Melbourne office. The HLC transaction may pave the way for additional non-standard mortgage securitizations-Standard & Poor's has received a few inquiries, particularly for loans to sub-prime borrowers, Mr. Burbage said. High LTV loans have been available in Australia for several years, and...

Companies mentioned in this report are: Australia (Commonwealth of) (Unsolicited Ratings)

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.

Australia (Commonwealth of) (Unsolicited Ratings)

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