OREANDA-NEWS. Fitch Ratings confirms that the removal of lender's mortgage insurance (LMI) provided by MGIC Australia Pty Ltd (MGIC) from two AIMS RMBS transactions will not result in a downgrade or withdrawal of the ratings of the rated notes.

AIMS 2005-1 Trust has two loans with MGIC LMI cover, with zero balances, while AIMS 2007-1 Trust has two loans covered by MGIC LMI, that form 1.2% of the pool. On 18 December 2015, these loans were insured with Genworth Financial Mortgage Insurance Pty Ltd (Insurer Financial Strength rating: A+/Stable). Sequential amortisation of the AIMS transactions has resulted in the Class A notes being LMI independent.

The current ratings are as follows:
AIMS 2005-1 Trust:
AUD9.7m Class A: 'AAAsf'; Outlook Stable; and
AUD12.8m Class B: 'Bsf'; Outlook Stable.

AIMS 2007-1 Trust:
AUD10.1m Class A: 'AAAsf'; Outlook Stable; and
AUD16.3m Class B: 'Bsf'; Outlook Stable.