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Liberty’s first prime and non-conforming RMBS for 2018 receives rating

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Reporter 2 minute read

Moody’s Investors Service has assigned provisional ratings to Liberty’s first prime and non-conforming RMBS transaction for 2018.

Approximately $687.40 million of debt securities have been rated in the Liberty Series 2018-1 Trust.

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The transaction is an Australian prime and non-conforming RMBS secured by a portfolio of residential mortgage loans. A portion of the portfolio consists of loans extended to borrowers with impaired credit histories (4.4 per cent) or made on an alternative documentation basis (3.3 per cent).

This is the 25th non-conforming RMBS transaction sponsored by Liberty Financial Pty Limited.

The Liberty Series 2018-1 Trust includes:

  • $70 million Class A1a Notes, Assigned (P)Aaa (sf)
  • $173.6 million Class A2 Notes, Assigned (P)Aaa (sf)
  • $25.9 million Class B Notes, Assigned (P)Aa2 (sf)
  • $13.3 million Class C Notes, Assigned (P)A2 (sf)
  • $7.7 million Class D Notes, Assigned (P)Baa2 (sf)
  • $9.1 million Class E Notes, Assigned (P)Ba2 (sf)
  • $2.8 million Class F Notes, Assigned (P)B2 (sf)

There are also A1b Notes and A1c Notes, but these have not yet been valued (the issue size will be determined on or prior to the pricing date. However, Moody’s has said that on the closing date, these notes will equal the equivalent of $385 million. 

A further $12.60 million of Class G Notes were not rated by Moody’s.

[Related: RMBS delinquencies to rise in 2018] 

Liberty’s first prime and non-conforming RMBS for 2018 receives rating
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