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Securitisations perform in benign conditions

Structured finance transactions in Australia and New Zealand continued to perform well in 2Q18, said Fitch Ratings, with 149 transactions affirmed, three tranches upgraded and six on ratings watch with a negative outlook among the securities that it covers. Asset performance continued to be supported by benign macroeconomic conditions on both sides of the Tasman, unemployment rates remaining low and stable, and no changes to the official interest rates of either jurisdiction during the quarter, the ratings agency said.The upgraded notes are were Australian prime RMBS from Bendigo and Adelaide Bank (class C notes of TORRENS Series 2014-2 Trust and class B notes of TORRENS Series 2017-1 Trust) and one tranche of Australian auto-loan ABS, namely, the class B notes of Driver Australia Four Trust, backed by receivables originated by Volkswagen Financial Services Australia Pty Ltd.

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