OREANDA-NEWS. September 21, 2015. Fitch Ratings says the current rating of Progress 2012-1 Trust, from the Australian Office of Financial Management's (AOFM) sixth planned sale, reflects the available credit enhancement, stable credit quality and good asset performance of the pool.

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

Progress 2012-1 Trust
AUD223.3m Class A (ISIN AU3FN0015616) rated 'AAAsf'; Outlook Stable.

At August 2015, Progress 2012-1 had 30+ day arrears of 0.74%, below Fitch's Dinkum Index, which measures industry-wide performance (1Q15:1.17%).

The transaction has performed within Fitch's expectations, with no losses since closing. The transaction is 100% covered by mortgage insurance, with policies provided by Genworth Financial Mortgage Insurance Pty Ltd (Insurer Financial Strength Rating: A+/Stable) and QBE Lenders' Mortgage Insurance Limited (Insurer Financial Strength Rating: AA-/Stable).

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