OREANDA-NEWS. On 24 June 2015, the Australian Office of Financial Management (AOFM) released the third planned sales under its RMBS divestment programme.

The current ratings of Fitch Ratings' seven rated transactions, from the AOFM planned sales, reflect the available credit enhancement, the stable credit quality and good asset performance of the pools as well as Fitch's expectations of Australia's economic conditions.

The current ratings are listed below (balances as of the latest reporting):

Barton Series 2011-1 (Barton 2011-1)
AUD89.4m Class A2 (ISIN AU3FN0012837) rated 'AAAsf'; Outlook Stable.

ConQuest 2010-2 Trust (ConQuest 2010-2)
AUD67.4m Class A3 (ISIN AU3FN0011201) rated 'AAAsf'; Outlook Stable.

GBS Receivables Trust No.4 (GBS No.4)
AUD51.6m Class A1 (ISIN AU3FN0009015) rated 'AAAsf'; Outlook Stable.

Illawarra Series 2010-1 (Illawarra 2010-1)
AUD76.1m Class A (ISIN AU3FN0010468) rated 'AAAsf'; Outlook Stable.

Light Trust No. 2 (Light No.2)
AUD37.1m Class A1 (ISIN AU3FN0008850) rated 'AAAsf'; Outlook Stable.

SMHL Securitisation Fund 2008-2 (SMHL 2008-2)
AUD57.3m Class A1 (ISIN AU3FN0007241) rated 'AAAsf'; Outlook Stable.

WB Trust 2010-1 (WB 2010-1)
AUD67.4m Class A2 (ISIN AU3FN0012365) rated 'AAAsf'; Outlook Stable.

Asset performance has remained steady, with 30+ days arrears for SMHL 2008-2 and Barton 2011-1 at 1.74% and 1.48%, respectively, above Fitch's Dinkum Index, which measures industry-wide performance (1Q15: 1.17%). The remaining transactions' 30+ days arrears were below the Index, with Illawarra 2010-1 recording the lowest levels at 0.64%, GBS No.4 at 0.72%, Light No.2 at 0.93%, WB at 1.09% and ConQuest 2010-2 at 1.01%.

Performance of all seven transactions has been within Fitch's expectations with minimal levels of defaults and losses, which on all transactions have been less than or equal to 0.12% of the original balance.

All transactions are 100% covered by mortgage insurance, with policies provided by Genworth Financial Mortgage Insurance Pty Ltd (Insurer Financial Strength Rating: A+/Stable), QBE Lenders' Mortgage Insurance Limited (Insurer Financial Strength Rating: AA-/Stable) and Housing Loan Insurance Corporation.

The ratings of all the transactions' notes are independent of downgrades to the lenders' mortgage insurance providers' ratings.