OREANDA-NEWS. Fitch Ratings says the current ratings of its two rated transactions, following the release of the Australian Office of Financial Management's (AOFM) fourth planned sales, on 14 July 2015, reflects the available credit enhancement, stable credit quality and good asset performance of the pools.

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

FirstMac Mortgage Funding Trust Series 1-2012 (FirstMac 1-2012)
AUD131.1m Class A2 (ISIN AU3FN0016135) rated 'AAAsf'; Outlook Stable.

SMHL Securitisation Fund 2010-2E (SMHL 2010-2E)
AUD161.5m Class A3 (ISIN AU3FN0010963) rated 'AAAsf'; Outlook Stable.

Asset performance has remained steady, with FirstMac 1-2012 30+ days arrears of 0.29%, below Fitch's Dinkum Index, which measures industry-wide performance (1Q15: 1.17%). SMHL 2010-2E 30+ day arrears were above the Index at 1.42%, with increased arrear levels due to pool amortisation.

Performance of both transactions have been within Fitch's expectations, with minimal levels of defaults and losses, which, have been less than or equal to 0.02% of the original balance.

Both 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.

Individual rating action commentaries relating to specific rating actions can be found on Fitch's website at www.fitchratings.com.