Fitch Ratings assigned Thursday expected ratings to an issuance of pass-through floating-rate notes backed by a pool of first-ranking Australian residential conforming full-documentation mortgage loans originated by Resimac Group (ASX:RMC).
The notes will be issued by Perpetual Trustee in its capacity as a trustee of RESIMAC Triomphe Trust - RESIMAC Premier Series 2025-1, according to a statement.
The collateral pool totaled AU$1 billion, consisting of 1,954 obligors, with a weighted-average current loan-to-value ratio of 66.5% as of March 28.
Fitch found that the operations of Resimac as the originator and servicer were comparable with those of other Australian non-bank lenders.
The performance of the portfolio is supported by Australia's continued growth and tight labor market. GDP growth was 1.1% for 2024 and is forecast to be 1.7% in 2025 and 1.9% in 2026. Unemployment was 4.1% in March. It is forecast at 4.3% in 2025 and 4.2% in 2026.
The transaction benefits from a liquidity facility sized at 0.75% of the class A to F invested note balance, with a floor of AU$750,000, which is sufficient to mitigate the payment interruption risk.
The class A was assigned an expected rating of AAA(EXP)sf, while the classes AB, B, C, D, E, F, and G were assigned an expected rating of NR(EXP)sf. The class A notes benefit from credit enhancement of 10%.
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