OREANDA-NEWS. Fitch Ratings has affirmed 69 classes from 15 SMART transactions. The transactions are securitisations of Australian auto and equipment receivables originated by Macquarie Leasing Pty Limited (Macquarie Leasing). The notes are issued by Perpetual Trustee Company Limited in its capacity as trustee of the Series. The rating actions are listed at the end of this commentary.

KEY RATING DRIVERS
The affirmations reflect Fitch's view that available credit enhancement is sufficient to support the notes at their current rating levels, the performance of the underlying assets which remain within the agency's expectations and Fitch's expectations of Australia's economic conditions.

At November 2015, net losses experienced since closing have been below 1.04% and 30+ day delinquencies for all transactions were tracking under 1.3%. SMART ABS Series 2013-3 Trust had the highest levels of arrears while SMART ABS Series 2015-1US Trust had the lowest at 0.4%. Total net losses have been below Fitch's base cases to date and excess spread has been more than sufficient to cover any losses incurred.

The 2012-1US, 2012-2US, 2012-4US, 2013-1US, 2013-2US, 2013-3, 2013-4PP, 2014-1US, 2014-2E and 2014-3PP transactions have been paying principal on a pro-rata basis and are expected to continue until their respective call. 2014-4, 2015-1US, 2015-2 and 2015-3US continue to pay principal on a sequential basis as of the November 2015 payment date. The payment method is expected to switch to pro-rata once their respective pro-rata paydown triggers have been met.

The SMART U Warehouse commitment limit is AUD500m and at October 2015, the pool consisted of 15,183 contracts with a total portfolio balance of AUD457.3m, averaging AUD30,120 per contract.

RATING SENSITIVITIES
The prospect for downgrades are considered remote given the level of subordination and excess spread available on all transactions. A significant and unexpected increase in delinquencies, defaults and losses would be necessary before any negative rating action would be considered.

Detailed surveillance data for all transactions are available at www.fitchratings.com.

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

DATA ADEQUACY
Fitch conducted a file review of 10 sample lease files focusing on the underwriting procedures conducted by Macquarie Leasing Pty Limited compared to its credit policy at the time of underwriting. Fitch has checked the consistency and plausibility of the information and no material discrepancies were noted that would impact Fitch's rating analysis.

A comparison of the transaction's representations, warranties and enforcement mechanisms (RW&Es) to those of typical RW&Es for this asset class is available by accessing the reports and/or links under Related Research below.

The ratings are as follows:

SMART Series 2012-1US Trust:
USD54.5m Class A-4a affirmed at 'AAAsf'; Outlook Stable;
AUD2.2m Class B affirmed at 'AAsf'; Outlook Stable;
AUD3.0m Class C affirmed at 'Asf'; Outlook Stable;
AUD2.7m Class D affirmed at 'BBBsf'; Outlook Stable; and
AUD2.5m Class E affirmed at 'BBsf'; Outlook Stable.

SMART Series 2012-2US Trust:
USD0.2m Class A-3a affirmed at 'AAAsf'; Outlook Stable;
USD0.3m Class A-3b affirmed at 'AAAsf'; Outlook Stable;
USD27m Class A-4a affirmed at 'AAAsf'; Outlook Stable;
USD51m Class A-4b affirmed at 'AAAsf'; Outlook Stable;
AUD3.4m Class B affirmed at 'AAsf'; Outlook Stable;
AUD4.6m Class C affirmed at 'Asf'; Outlook Stable;
AUD4.2m Class D affirmed at 'BBBsf'; Outlook Stable; and
AUD3.8m Class E affirmed at 'BBsf'; Outlook Stable.

SMART ABS Series 2012-4US Trust:
USD32.1 Class A-3a affirmed at 'AAAsf'; Outlook Stable;
USD11.0m Class A-3b affirmed at 'AAAsf'; Outlook Stable;
USD82.5m Class A-4a affirmed at 'AAAsf'; Outlook Stable;
USD20m Class A-4b affirmed at 'AAAsf'; Outlook Stable;
AUD3.3m Class B affirmed at 'AAsf'; Outlook Stable;
AUD11.0m Class C affirmed at 'Asf'; Outlook Stable;
AUD7.5m Class D affirmed at 'BBBsf'; Outlook Stable; and
AUD6.8m Class E affirmed at 'BBsf'; Outlook Stable.

SMART ABS Series 2013-1US Trust:
USD94.8m Class A-4a affirmed at 'AAAsf'; Outlook Stable;
USD22.4m Class A-4b affirmed at 'AAAsf'; Outlook Stable;
AUD2.6m Class B affirmed at 'AAsf'; Outlook Stable;
AUD8.6m Class C affirmed at 'Asf'; Outlook Stable;
AUD5.9m Class D affirmed at 'BBBsf'; Outlook Stable; and
AUD5.3m Class E affirmed at 'BBsf'; Outlook Stable.

SMART ABS Series 2013-2US Trust:
USD7.1m Class A-3a affirmed at 'AAAsf'; Outlook Stable;
USD23.7m Class A-3b affirmed at 'AAAsf'; Outlook Stable;
USD137.5m Class A-4a affirmed at 'AAAsf'; Outlook Stable;
USD65m Class A-4b affirmed at 'AAAsf'; Outlook Stable;
AUD5.5m Class B affirmed at 'AAsf'; Outlook Stable;
AUD18.3m Class C affirmed at 'Asf'; Outlook Stable;
AUD12.5m Class D affirmed at 'BBBsf'; Outlook Stable; and
AUD11.3m Class E affirmed at 'BBsf'; Outlook Stable.

SMART ABS Series 2013-3 Trust:
AUD159.6m Class A affirmed at 'AAAsf'; Outlook Stable; and
AUD6.0m Class B affirmed at 'AAsf'; Outlook Stable.

SMART ABS Series 2013-4PP Trust:
AUD320.0m Class A affirmed at 'AAAsf'; Outlook Stable; and
AUD12.0m Class B affirmed at 'AAsf'; Outlook Stable.

SMART ABS Series 2014-1US Trust:
USD61.2m Class A-3a affirmed at 'AAAsf'; Outlook Stable;
USD84.0m Class A-3b affirmed at 'AAAsf'; Outlook Stable;
USD50m Class A-4a affirmed at 'AAAsf'; Outlook Stable;
USD60m Class A-4b affirmed at 'AAAsf'; Outlook Stable;
AUD8.3m Class B affirmed at 'AAsf'; Outlook Stable;
AUD15.2m Class C affirmed at 'Asf'; Outlook Stable;
AUD15.2m Class D affirmed at 'BBBsf'; Outlook Stable; and
AUD13.8m Class E affirmed at 'BBsf'; Outlook Stable.

SMART ABS Series 2014-2E Trust:
AUD306.1m Class A-A affirmed at 'AAAsf'; Outlook Stable;
EUR123.0m Class A-E affirmed at 'AAAsf'; Outlook Stable; and
AUD21.6m Class B affirmed at 'AAsf'; Outlook Stable.

SMART ABS Series 2014-3PP Trust:
AUD378.5m Class A affirmed at 'AAAsf'; Outlook Stable; and
AUD16.8m Class B affirmed at 'AAsf'; Outlook Stable.

SMART ABS Series 2014-4 Trust:
AUD728.2m Class A affirmed at 'AAAsf'; Outlook Stable; and
AUD31.3m Class B affirmed at 'AAsf'; Outlook Stable.

SMART ABS Series 2015-1US Trust:
USD55.3m Class A-2a affirmed at 'AAAsf'; Outlook Stable;
USD58.0m Class A-2b affirmed at 'AAAsf'; Outlook Stable;
USD69.0m Class A-3a affirmed at 'AAAsf'; Outlook Stable;
USD50.0m Class A-3b affirmed at 'AAAsf'; Outlook Stable;
AUD197.0m Class A-4 affirmed at 'AAAsf'; Outlook Stable; and
AUD15.1m Class B affirmed at 'AAsf'; Outlook Stable.

SMART ABS Series 2015-2 Trust:
AUD644.2m Class A affirmed at 'AAAsf'; Outlook Stable; and
AUD22.5m Class B affirmed at 'AAsf'; Outlook Stable.

SMART ABS Series 2015-3US Trust:
USD126.0 Class A-1 affirmed at 'F1+sf';
USD124.0m Class A-2b affirmed at 'AAAsf'; Outlook Stable;
USD95.0m Class A-3a affirmed at 'AAAsf'; Outlook Stable;
USD25.0m Class A-3b affirmed at 'AAAsf'; Outlook Stable;
AUD181.0m Class A-4 affirmed at 'AAAsf'; Outlook Stable; and
AUD16.0m Class B affirmed at 'AAsf'; Outlook Stable.

SMART U Warehouse Trust:
AUD500.0m Class A notes: 'AAAsf'; Outlook Stable.