Fitch Ratings has assigned expected ratings to SMART ABS Series 2015-3US Trust's asset-backed floating-rate notes. The issuance consists of notes backed by automotive and equipment leases and loans, and consumer loans originated by Macquarie Leasing Pty Limited, a subsidiary of Macquarie Bank. The majority of Macquarie Leasing's business is sourced through "third-party introducers" who use a web-based system to submit, track and complete applications for finance, according to a presale report from Fitch. Macquarie staff manually assess all applications prior to approval, looking at the credit quality of the asset, the type of financing, and the creditworthiness of the individual or corporation and applying their own procedures and validation rules.A Fitch media release announcing the agency had assigned preliminary ratings stated that the collateral backing of this transaction was of similar credit quality to other asset pools securitised under Macquarie's SMART programme.The pool primarily comprises motor vehicle leases and loan receivables, with an average receivable size of A$30,461 and a maximum lease receivable contract balance of slightly more than A$500,000. Novated contracts make up 54.3 per cent of the collateral pool, which Fitch said was a contributing factor to the low arrears on prior SMART transactions. The tranches rated by Fitch in this transaction have a total Australian dollar equivalent of approximately A$821 million.The presale report from Fitch makes the further observation that this is the first instance where consumer receivables have been included in a USD issuance, although they make up less than 14 per cent of the portfolio (and comprise 17 per cent of Macquarie Leasing's total loan book).The preliminary ratings from Fitch for the SMART ABS Series 2015-3US notes are:Class     Amount      Prelim. Rating(notes)    ($m)             (Fitch)A-1        US$126.0      F1+ (EXP)sfA-2        US$124.0      AAA (EXP)sfA-3        US$120.0      AAA (EXP)sfA-4          A$186.0      AAA (EXP)sfB               A$16.43      AA (EXP)sfSeller        A$90.35        NRsf