OREANDA-NEWS. Fitch Ratings has assigned Mercury Trust No. 1's AUD174.2m fixed-rate notes a rating of 'A+sf'. The Outlook is Stable. The issuance consists of notes backed by a stream of future receivables.

The notes are issued by Perpetual Corporate Trust in its capacity as trustee of Mercury Trust No. 1.

KEY RATING DRIVERS
The rating reflects Fitch's view of the quality of the receivables sourced from a mature Australian toll road, the rating linkage to the underlying toll road, the strong coverage ratios present, the legal structure of the transaction and the agency's expectations of economic conditions that may impact the performance of the toll road and the receivables.

RATING SENSITIVITIES
The prospect of a downgrade is considered low at present, given the expected performance of the toll road sourced receivables. An upgrade is also considered low due to current rating cap limitations.

DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation to this rating action.

DATA ADEQUACY
Fitch reviewed the underlying project documents that provide the source of the receivables and has checked the consistency and plausibility of the information and no material discrepancies were noted that would impact Fitch's rating analysis.