OREANDA-NEWS. The current ratings of Fitch Ratings' three rated transactions, from the Australian Office of Financial Management's (AOFM) fifth planned sale, reflects the available credit enhancement, the stable credit quality and good asset performance of the pools.

The current ratings are listed below (balances as of the latest reporting):
PUMA Masterfund P-16 (Puma P-16)
AUD183.9m Class A3 (ISIN AU3FN0011508) rated 'AAAsf'; Outlook Stable.

SMHL Securitisation Fund 2009-1 (SMHL 2009-1)
AUD56.4m Class A2 (ISIN AU3FN0008215) rated 'AAAsf'; Outlook Stable.

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

FirstMac 1-2012 has arrears of 0.43%, below Fitch's Dinkum Index, which measures industry-wide performance (1Q15:1.17%). Puma P-16 and SMHL 2009-1 both have arrears above the Index at 1.39% and 1.54%, respectively.

The three transactions have performed within Fitch's expectations, with minimal levels of defaults and losses at less than or equal to 0.04% 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.