Fitch Ratings and Moody's Investors Service have assigned provisional long-term ratings to the Australia and New Zealand Banking Group's first RMBS transaction for 2016. The notes, issued as part of the Kingfisher Trust 2016-1, seek to raise at least A$750 million, as set out below: Class A1 Notes: A$ 690 million, assigned (P)Aaa (sf)/AAA(EXP)sf Class A2 Notes: $26.25 million, assigned (P)Aaa (sf)/AAA(EXP)sf Class B Notes: $18.00 million, assigned (P)Aa2 (sf)/ Not rated Class C Notes: $5.25 million, assigned (P)A2 (sf) Not rated Class D Notes: $4.50 million, assigned (P)Baa2 (sf) Not rated Class E Notes: $3.00 million, assigned (P)Ba2 (sf) Not ratedThe $3 million Class F Notes were not rated by either agency.Lenders Mortgage Insurance provided by ANZ Lenders Mortgage Insurance Pty Limited covers 12.2 per cent of the loans in the pool. However, as neither agency has rated ANZ LMI, no benefit has been given.The pool has a low weighted average scheduled LTV of nine per cent and only7.6 per cent of the loans have a scheduled LTV above 80, said Moody's in a pre-sale note.At the cut-off date of 30 September 2016, according to a Fitch pre-sale note, the total collateral pool of A$750 million consisted of 3,212 full documentation Australian residential loans, with an average current loan-to-value ratio of 56.1 per cent and average loan balance of $233,495. Investment loans represent 20.5 per cent of the pool by balance and interest-only loans 14.6 per cent. Fixed-rate loans are 6.6 per cent of the portfolio.The transaction has lenders' mortgage insurance on 12.2 per cent of the portfolio provided by ANZ Lenders Mortgage Insurance, which is unrated and therefore no credit was factored into the rating process. Accordingly, Fitch's ratings are independent of LMI.