Presale:
 
      APOLLO Series 2017-1 Trust
 
  
This presale report is based on information as of Feb. 13, 2017. The ratings shown are preliminary. This
       report does not constitute a recommendation to buy, hold, or sell securities. Subsequent information may
    ! result in the assignment of final ratings that differ from the preliminary ratings.
"  
 #   $
    %  Preliminary Ratings As Of Feb. 13, 2017

Credit support Credit support
  !& before credit is after credit is Credit
 ' '
 Preliminary given to given to support
Preliminary amount (mil. mortgage mortgage provided
#(  $
Class rating* A$) insurance (%) insurance (%) (%)
)$  
A AAA (sf) 460.0 4.88 3.78 8.00
)$ %
AB AAA (sf) 19.25 4.88 3.78 4.15
" # 
B AA (sf) 8.5 3.38 2.23 2.45
#( !  & 
C A (sf) 6.25 2.07 1.16 1.20
    &$ 
     D BBB (sf) 2.75 1.17 0.63 0.65
E NR 3.25 N/A N/A 0.00

*The rating on each class of securities is preliminary and subject to change at any time. NR--Not rated.
N/A--Not applicable.

Profile
Expected closing March 13, 2017
date
Final maturity September 2048
date
Collateral Fully amortizing and interest-only reverting to fully amortising Australian dollar
loans to prime-quality borrowers, maturing no later than 18 months before the
final maturity date, secured by first-registered mortgages over Australian
residential properties
Structure type Prime residential mortgage-backed, pass-through securities
Issuer Perpetual Trustee Co. Ltd. as trustee for APOLLO Series 2017-1 Trust
Servicer Suncorp-Metway Ltd.

Primary Credit Analyst:

Alisha Treacy, Melbourne (61) 3-9631-2182; alisha.treacy@spglobal.com

Secondary Contact:
Luke Elder, Melbourne (61) 3-9631-2168; luke.elder@spglobal.com
See complete contact list on last page(s)
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Profile (cont.)
Primary credit Note subordination and lenders' mortgage insurance. Lenders' mortgage insurance
enhancement covers 100% of the principal balance on the insured loans, plus accrued interest
and reasonable costs of enforcement (see "Reliance On Lenders' Mortgage
Insurance").

Supporting Ratings
Lenders' mortgage insurer QBE Lenders' Mortgage Insurance Ltd.
Interest-rate swap provider, liquidity facility provider and bank account provider: Suncorp-Metway Ltd.

Loan Pool Statistics as of Jan. 8, 2017

Total number of loans 1,963
Total value of loans (A$) 550,056,453
Current maximum loan size (A$) 999,625
Average loan size (A$) 280,212
Maximum current loan-to-value (LTV) (%) 93.1
Weighted-average current LTV (%) 65.0
Weighted-average loan seasoning (months) 43.6

Note: All portfolio statistics are calculated on a consolidated loan basis. This is a preliminary portfolio. We expect a revised portfolio to reflect the
closing pool. Before we assign ratings, we expect the mortgage balance to be at or below the aggregate notes issued.

Rationale
The preliminary ratings assigned by S&P Global Ratings to the prime floating-rate residential mortgage-backed
securities (RMBS) to be issued by Perpetual Trustee Co. Ltd. as trustee for APOLLO Series 2017-1 Trust reflect the
following factors.

The credit risk of the underlying collateral portfolio (discussed in more detail under "Credit Assessment") and the credit
support provided to each class of notes are commensurate with the ratings assigned. Subordination and lenders'
mortgage insurance (LMI) cover for the rated notes provide credit support. The credit support provided to the rated
notes is sufficient to cover the assumed losses at the applicable rating stress. The assessment of credit risk takes into
account Suncorp-Metway Ltd. (Suncorp)'s underwriting standards and servicing quality (discussed in more detail under
"Origination And Servicing"), which are consistent with industry-wide practices, and the support provided by the LMI
policies on 30.4% of the loans in the portfolio.

The notes can meet timely payment of interest and ultimate payment of principal under the rating stresses. Key rating
factors are the level of subordination provided, the LMI cover, the interest-rate swap, the provision of a liquidity
facility, the principal draw function, and the provision of a liquidity reserve, funded by Suncorp at closing to cover
extraordinary expenses. Our analysis is on the basis that the notes are fully redeemed by their legal final maturity date
and we do not assume the notes are called at or beyond the call date.

Our ratings also take into account the counterparty exposure to Suncorp as interest-rate swap provider, liquidity
facility provider, and bank account provider. Suncorp has provided an interest-rate swap to hedge the mismatch
between the fixed-rate receipts on the fixed-rate loans and the floating-rate interest payable on the notes (discussed in

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more details under "Interest-Rate Risk"). The transaction documents for these counterparty exposures include
downgrade language consistent with S&P Global Ratings' counterparty criteria.

We also have factored into our ratings the legal structure of the trust, which is established as a special-purpose entity
and meets our criteria for insolvency remoteness.

Strengths And Weaknesses

Strengths
The strengths of the transaction observed in the rating analysis are:

• For the class A notes, the credit support provided by note subordination exceeds the level of credit support
commensurate with a 'AAA (sf)' rating, and is more than sufficient to maintain the ratings on the class A
notes--assuming no deterioration in the underlying pool--should the ratings on QBE Lenders' Mortgage Insurance
Ltd. (QBE) as the LMI provider be lowered or removed.
• The portfolio is well seasoned. The weighted-average seasoning of the portfolio is 43.6 months, and approximately
16.4% of the loans are seasoned by more than five years. We believe a loan is less likely to default five years after
origination because we have observed that the majority of losses are realized within the first five years.

Weaknesses
Weaknesses identified with respect to the transaction are:

• The underlying collateral pool consists of a high exposure to Queensland (43.7%). S&P Global Ratings applies a pool
penalty to the default frequency when the exposure to Queensland properties is more than 40%.

Notable Features
Class B, class C, and class D notes
The transaction documents allow the class B, class C, and class D notes' interest to be paid on the stated amount of the
notes. However, we believe that in a 'AA (sf)' environment, with respect to the class B notes; an 'A (sf)' environment,
with respect to the class C notes; and a 'BBB (sf)' environment, with respect to the class D notes, the stated amount of
these notes will always equal the notes' respective invested amounts. Therefore, we have modeled in our cash-flow
analysis the payment of the interest on the invested amount under the notes' respective rating stress scenarios. Our
cash-flow analysis shows that the notes' interest can be paid in full under the relevant stresses commensurate with the
rating on the notes.

Transaction Structure
The structure of the transaction is shown in chart 1.

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Chart 1

We understand that transaction counsel will lodge the relevant financing statements on the Personal Property
Securities Register in connection with the security interest.

Note Terms And Conditions

Interest payments
All classes of notes are floating-rate, pass-through securities with a legal final maturity of the payment date in
September 2048. Interest on the class A and class AB notes is paid on the invested amount of the notes, while interest
to the other notes is based on the stated amount of the notes (see "Notable Features – Class B, class C and class D
notes"). The class E notes are unrated. Interest payments are made sequentially to each class of notes.

S&P Global Ratings' ratings on all notes address the timely interest and ultimate principal repayment on the notes.

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The trustee can elect to call the notes in full at their invested amounts on or after the call date. There is a step-up
margin applicable on the class A notes if the notes are not called on the call date. The call date is the first distribution
date on which the aggregate principal outstanding on the loans is less than or equal to 10% of the aggregate principal
outstanding on the loans as of the closing date. S&P Global Ratings' ratings do not address the likelihood of repayment
of the notes on the call date.

Principal payments
Principal payments--after application of principal draws or to fund redraws--will be passed through to noteholders on a
sequential-payment basis. The transaction can convert to a pro-rata payment structure if the step down triggers are
met. This allows principal to be passed through to all notes (see "Pro Rata Paydown"). If the pro rata paydown triggers
have not been met, then principal will be passed through to the notes sequentially.

Given the pass-through nature of the notes, the actual date on which the principal amount of the notes will be fully
repaid will be determined by the actual prepayment rate experience on the loan portfolio. As a result, the risk of
mortgage prepayments is borne by the noteholders.

Charts 2 and 3 show the annualized prepayment speeds of Suncorp's securitized loan portfolios against Standard &
Poor's Prepayment Index (SPPI), which measures prepayment rates for Australian prime RMBS. Chart 2 includes
noncapital-market issuance transactions and chart 3 excludes noncapital-market issuance transactions.

Chart 2 Chart 3

Loss allocation
Charge-offs will be first allocated to the class E notes until their outstanding balance is reduced to zero, followed by the
class D notes, class C notes, class B notes, class AB notes, then class A notes. Under the transaction structure, any
charge-offs are to be reimbursed in the reserve order.

Pro rata paydown triggers

The triggers to allow pro rata paydown are:

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• The payment date falls on or after the second anniversary of the transaction's closing date;
• The credit support provided for the class A notes is double the initial credit support provided;
• The credit support provided for the class AB notes is double the initial credit support provided;
• The average percentage of mortgage loans in arrears more than 60 days during the past four months must not
exceed 4%;
• The payment date is not on or after the call-option date; and
• There are no charge-offs allocated to the class E notes that have not been reimbursed.

Reliance On Lenders' Mortgage Insurance

A total of 30.4% of the portfolio is covered by a primary LMI policy provided by QBE. The LMI policies cover the
outstanding mortgage loan principal, accrued interest, and any reasonable enforcement expenses on the defaulted
mortgage loans.

The policies contain terms and conditions that allow the insurer to reduce or deny a claim in certain circumstances. If
a claim is reduced and results in a loss to the trust, the issuer might be able to offset that loss by applying excess
spread to cover those losses before making any distribution to beneficiaries.

Under S&P Global Ratings' "Methodology For Assessing Mortgage Insurance And Similar Guarantees And Supports In
Structured and Public Sector Finance And Covered Bonds" criteria, published on Dec. 7, 2014, the overall amount of
credit given to LMI is the product of the stated coverage of the LMI policy, the insurer's estimated capacity to pay for a
given rating scenario, and the estimated claims pay-out ratio for a given issuer.

To adjust for the insurer's capacity to pay, S&P Global Ratings will look to the LMI provider's issuer credit rating.
When sizing the credit support for the 'AAA (sf)' rated notes, S&P Global Ratings assumes that 45% of claims to 'A+'
rated LMI providers will be denied in full.

In addition, the estimated claims pay-out ratio reflects the categorization of Suncorp into CA1 due a minimal level of
claims adjustments, clearly documented servicing practices, and detailed procedures to adhere to LMI policies and
procedures. The claims-adjustment rate for CA1 is 10%.

Rating-Transition Analysis
The principal rating-transition risk in most Australian prime RMBS transactions is a lowering of the rating on the
lenders' mortgage insurer. We consider the rating-transition risk to be low for the 'AAA (sf)' rating on the class A notes
because the credit support from subordination is at a higher level than the minimum for the class A notes, should no
LMI be provided.

Assuming that there is no deterioration in the portfolio credit quality and performance, table 1 details the level of
subordination that would support the current rating on the notes if the rating on QBE were lowered by one notch to
'A', at the current estimated claims payout ratio.

The ratings on the class AB, class B, and class C notes are unlikely to be affected by a one-notch downgrade of QBE,

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all else remaining equal. However, these notes are likely to be affected if no credit is given to LMI.

If the step-down tests are not satisfied and principal repayments are made on a sequential basis, then the proportion of
subordination increases and the class B, class C, and class D notes' reliance on the lenders' mortgage insurers will
decrease as the collateral portfolio amortizes.

Table 1
Rating Sensitivity To Lowering Of Rating On QBE
QBE subject to hypothetical Subordination required to support 'AAA (sf)' Rating transition of class AB notes if no
downgrade rating on class AB notes (%) additional support were provided
'A' 3.98 AAA (sf)
No credit to LMI 4.88 AA (sf)

QBE subject to hypothetical Subordination required to support 'AA (sf)' rating Rating transition of class B notes if no
downgrade on class B notes (%) additional support were provided
'A' 2.37 AA (sf)
No credit to LMI 3.38 A+ (sf)

QBE subject to hypothetical Subordination required to support 'A (sf)' rating Rating transition of class C notes if no
downgrade on class C notes (%) additional support were provided
'A' 1.16 A (sf)
No credit to LMI 2.07 BBB (sf)

QBE subject to hypothetical Subordination required to support 'BBB (sf)' Rating transition of class D notes if no
downgrade rating on class D notes (%) additional support were provided
'A' 0.63 BBB (sf)
No credit to LMI 1.17 BB (sf)

S&P Global Ratings believes the other major factors that would drive negative rating changes in this transaction are
significant deterioration in asset portfolio performance and a lowering of the rating of the interest-rate swap provider
or liquidity facility provider.

Scenario analysis: Property market value decline

We carried out a scenario analysis to determine the impact on the ratings--assuming no credit to LMI--if property
values were to decrease 10% during a short period of time. After adjusting down property values by 10% and
increasing LTV ratios for this impact, we applied our standard default frequency and loss-severity assumptions (45%
market value decline at the 'AAA' level) to arrive at the implied credit assessments in table 2. Table 2 shows the credit
support and the implied credit assessment (credit only) should this scenario occur and all else remained constant. The
implied ratings are taking credit into consideration only and do not consider any yield or liquidity issues that may be
relevant at the time.

Table 2
Credit Support And Implied Credit Assessments Under The Scenario
Class Credit support Implied credit assessment pre-LMI
A 9.1 aa+
AB 9.1 a
B 6.4 bbb
C 4.0 bb-

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Table 2
Credit Support And Implied Credit Assessments Under The Scenario (cont.)
Class Credit support Implied credit assessment pre-LMI
D 2.4 b

LMI--Lenders' mortgage insurance.

Origination And Servicing

We assess the quality of the origination, underwriting, and servicing of the loans as part of our credit analysis because
it can affect the performance of the portfolio.

Suncorp's underwriting practices and standards are relatively in line with industry standards. We have taken into
account the role of brokers as introducers of approximately 65% of the loans in the portfolio, as well as the branch
network that originates the remaining loans. We have also factored into our analysis the centralized approval process,
hindsight review process, and the level of exceptions to credit policy. Suncorp's calculation of borrowers' repayment
capacity takes into account a borrower's employment status, the sources of income, other commitments, and living
expenses, in line with industry standards. We have taken into account the interest-rate buffers and haircuts Suncorp
applied so we can assess the consistency and quality of Suncorp's debt serviceability in our credit analysis.

In determining the market value decline assumptions we have factored in the type of valuation obtained when the
loans were originated. The type of valuation is determined by factors such as the LTV ratio and location of the
property. Suncorp uses valuation methods such as a full valuation, contract price, automated valuation, or desktop
valuation.

We have taken into account Suncorp's arrears management processes and policies as well as its historical arrears and
loss performance to assess the quality of Suncorp's servicing. Suncorp monitors and reports arrears on a
scheduled-balance basis. Under the scheduled balance method, a mortgage loan is only deemed delinquent when the
actual loan balance exceeds the scheduled balance. Charts 4 and 5 show Suncorp's RMBS issuance history. Chart 4
includes noncapital-market issuance and chart 5 excludes noncapital-market issuance.

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Chart 4 Chart 5

Charts 6 and 7 compare the level of arrears on the historical data of Apollo transactions with the aggregate level of
arrears on mortgage loans collateralizing all rated RMBS transactions in Australia, as measured by Standard & Poor's
Performance Index (SPIN) for prime mortgages. Notwithstanding Suncorp's measurement and management of arrears,
the prime SPIN includes RMBS transactions that report arrears based on a scheduled-balance method and on a
missed-payments basis.

S&P Global Ratings now includes noncapital-market issuance in arrears statistics on mortgage loans securitized under
the Apollo programs. Chart 6 includes noncapital-market issuance and chart 7 excludes noncapital-market issuance.

Chart 6 Chart 7

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Collateral
The portfolio consists entirely of full-documentation prime residential mortgage loans originated by Suncorp. This is a
closed pool, which means no additional loans will be assigned to the trust after the closing date.

We have assessed the credit quality of the collateral to determine the minimum credit support levels for this
transaction. Among the strengths we identified are the seasoning, all loans being assessed on a full-documentation
basis, and the relatively low weighted-average LTV ratio. The key weaknesses in the credit quality of the portfolio are
the exposure to security properties in nonmetropolitan areas, slight geographic exposure to Queensland, and loans
with an interest-only period. Our credit support calculation takes into account that borrowers can redraw prepaid
principal under the mortgage loans, which would increase LTV ratios as borrowers draw additional funds up to the
scheduled balance.

In calculating the minimum credit support levels, we compare the characteristics of the portfolio with an archetypical
pool and apply multiples as a way to increase or decrease credit support levels to reflect higher or lower credit risk
compared with the characteristics of the archetypical pool. The credit support levels comprise two components:
default frequency and loss severity. A summary of this calculation is shown in table 3.

Table 3
Summary Credit Assessment – Total Pool
AAA AA A BBB
(a) Default frequency (%) 15.09 11.52 7.83 5.20
(b) Loss severity (%) 32.35 29.36 26.48 22.58
(c) Credit support required before credit to lenders' mortgage insurance (LMI) (a) x (b) (%) 4.88 3.38 2.07 1.17
(d) Credit to LMI (%) 1.10 1.15 0.92 0.54
(e) Credit support required after credit to LMI (c) – (d) (%) 3.78 2.23 1.16 0.63

Assumptions
Market value decline (%) 45.0 43.0 41.0 38.0
Weighted-average recovery period (months) 14.3 14.3 14.3 14.3
Interest rate through recovery period (%) 8.75 8.25 7.75 7.25

Rating Multiples
S&P Global Ratings compares the characteristics of each loan with its benchmark pool and applies rating multiples to
the benchmark default frequency, when required, to determine the default frequency of a loan. Together with the loss
severity, this determines the amount of credit support that should maintain the ratings on the notes. Table 4 lists the
main characteristics that deviated from the benchmark. These factors are the main drivers in determining the
minimum credit support for a 'AAA' rating for this transaction.

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Table 4
Rating Multiples
Criteria Default frequency multiple (x)
Location - nonmetropolitan 1.107
Loan purpose 1.073
Self-employment 1.047
Loan term 0.884
Loan-to-value ratio 0.925

Loan Pool Profile

The pool as of Jan. 8, 2017, is summarized in tables 5 and 6. The details of the pool contained in the tables were
calculated after consolidating by borrower.

Table 5
Loan Pool Characteristics
Current loan size distribution (consolidated) (A$) Value of loans (%)
Less than or equal to 100,000 2.0
Greater than 100,000 and less than or equal to 200,000 11.6
Greater than 200,000 and less than or equal to 300,000 27.2
Greater than 300,000 and less than or equal to 400,000 26.7
Greater than 400,000 and less than or equal to 600,000 24.1
Greater than 600,000 and less than or equal to 800,000 5.3
Greater than 800,000 and less than or equal to 1,000,000 3.1

Current loan-to-value ratio distribution (consolidated)

Less than or equal to 50 19.0
Greater than 50 and less than or equal to 60 12.9
Greater than 60 and less than or equal to 70 20.1
Greater than 70 and less than or equal to 80 33.5
Greater than 80 and less than or equal to 90 11.4
Greater than 90 and less than or equal to 95 3.1

Geographic distribution (by state)

New South Wales and Australian Capital Territory 30.8
Victoria 12.9
Queensland 43.7
Western Australia 9.2
South Australia 2.6
Tasmania and Northern Territory 0.8

Geographic distribution (metro/nonmetro)

Inner city 1.0
Metropolitan 68.1
Nonmetropolitan 30.9

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Table 5
Loan Pool Characteristics (cont.)
Current loan size distribution (consolidated) (A$) Value of loans (%)

Seasoning
Less than or equal to six months 0.0
Six months – one year 0.0
1-2 years 15.4
2-3 years 40.6
3-4 years 15.9
4-5 years 11.7
Greater than five years 16.4

Principal amortization
Fully amortizing 79.9
Interest-only for up to five years, reverting to fully amortizing 20.1

Loan documentation
Income, savings fully verified 100.0

Property occupancy
Owner-occupied 77.3
Investment 22.7

Mortgage insurers
QBE Lenders' Mortgage Insurance Ltd. 30.4
Uninsured 69.6

Borrower residency
Australian resident 100.0
Nonresident 0.0

Cash-Flow Analysis
Our cash-flow analysis shows that the transaction has sufficient income to support timely payment of interest and
ultimate repayment of principal to the rated notes under various stress scenarios commensurate with the ratings
assigned.

Liquidity Assessment
Liquidity support to meet the senior fees, expenses, and interest on all notes is provided firstly through the ability to
draw on principal. If available income plus principal is insufficient, then an asset liquidity facility will be available. The
liquidity facility will represent 1.3% of the performing loan balance and will amortize subject to a floor of 10% of the
initial liquidity limit.

The availability of liquidity support varies, depending on the class of notes and will be subject to the following
conditions:

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• For the class A and class AB notes, there are no restrictions to access liquidity support at any time.
• For the class B, class C, and class D notes, if the stated amount of that class of note is less than the invested amount,
then that class of note cannot utilize liquidity support.
• The class E notes cannot utilize liquidity support if the stated amount of that class of note is less than the invested
amount, the call-option date has occurred, or the average of the mortgage loans being greater than 60 days in
arrears during the immediately previous four months is less than 4%.

Liquidity Reserve
An amount of A$150,000 will be deposited by Suncorp on the closing date of the transaction and will be held to cover
any extraordinary expenses that may arise. This reserve will be maintained and topped up to A$150,000 if drawn
where possible by excess spread.

Interest-Rate Risk
Some 12.5% of the portfolio is made up of loans with an interest rate that is fixed for up to five years. After the
transaction close, variable-rate loans can be converted to fixed rate. The issuer will enter into a fixed-rate swap with
Suncorp to hedge the interest-rate risk between the fixed-rate mortgage loans and the floating-rate obligations of the
trust.

Variable-rate loans make up 87.5% of the loan portfolio. The trustee will also enter into a basis swap with Suncorp to
hedge the basis risk between the weighted-average return on the floating-rate loans and floating-rate obligations on the
notes. The threshold-rate mechanism will apply if the basis swap falls away. We have not given credit to the basis
swap in our analysis because the downgrade language included in this swap does not conform to our counterparty
criteria. The fixed-rate swap is in line with S&P Global Ratings' counterparty criteria.

Cash-Flow Modeling Assumptions

The key rating stresses and assumptions modeled at each rating level are:

• Analyzing and modeling the structure of the transaction to include all note balances and margins, trust expenses,
liquidity facility, waterfall priority for income and principal payments, and the loss mechanism, as described in the
transaction documents.
• Default frequency and loss severity commensurate with the ratings on the notes.
• Timing of defaults (table 7).
• Foreclosure period and time to recover sale proceeds from defaulted loans, assuming a recovery period of 15
months.
• Prepayment rates, assuming high and low prepayment rate scenarios.
• Interest rates, by varying the bank bill swap rate (BBSW) curves at each rating level.
• Replacement servicer fee of 0.35%, should it be necessary for Suncorp to be replaced as servicer.
• The sequential and pro rata principal payment structure of the notes.
• In cash-flow modeling, we recognize a step up in the threshold rate of a total of 50bps, with 25 bps each on months
36 and 60.

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Table 6
Assumed Constant Prepayment Rates
Transaction seasoning Low CPR scenario (% per year) Constant CPR scenario (% per year) Fast CPR (% per year)
Up to month 12 5 20 20
Month 13 to month 18 5 20 25
Month 19 to month 36 5 20 35
After month 36 5 20 40

CPR--Constant Prepayment Rate. Total CPR shown is inclusive of voluntary and involuntary (defaults) prepayments.

Table 7
Assumed Default Curves
Month Front-loaded default curve (%) Back-loaded default curve (%) Standard default curve (%)
6 10 10
12 25 5 15
18 15
24 30 25 25
36 20 25 25
48 10 15 15
60 5 15 10
72 0

Legal And Counterparty Risks

In our view, the issuer has features consistent with our criteria on special-purpose entities, including the restriction on
objects and powers, debt limitations, independence, and separateness.

The transaction will have counterparty exposure to Suncorp as an interest-rate swap provider, bank account provider,
and liquidity-facility provider. The documentation of these roles requires replacement and posting of collateral if the
rating of these entities falls below certain levels; these mechanisms are consistent with S&P Global Ratings'
counterparty rating criteria.

Related Criteria And Research

Related Criteria
• Methodology For Assessing Mortgage Insurance And Similar Guarantees And Supports In Structured And Public
Sector Finance And Covered Bonds, Dec. 7, 2014
• Global Framework For Assessing Operational Risk In Structured Finance Transactions, Oct. 9, 2014
• Australian And New Zealand Asset Isolation And Special-Purpose Entity Criteria--Structured Finance, Aug. 21, 2013
• Australian RMBS Postcode Classification Assumptions, July 10, 2013
• Counterparty Risk Framework Methodology And Assumptions, June 25, 2013
• Global Derivative Agreement Criteria , June 24, 2013
• Global Investment Criteria For Temporary Investments In Transaction Accounts, May 31, 2012
• Australian RMBS Rating Methodology And Assumptions, Sept. 1, 2011

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• Methodology And Assumptions For Analyzing The Cash Flow And Payment Structures Of Australian and New
Zealand RMBS, June 2, 2010
• Standard & Poor's Revises Criteria Methodology For Servicer Risk Assessment, May 28, 2009

Related Research
• 2017 Outlook Assumptions For The Australian Residential Mortgage Market, Jan. 30, 2017
• An Overview Of Australia's Housing Market And Residential Mortgage-Backed Securities, May 30, 2016
• Industry Economic And Ratings Outlook: Australian RMBS Fundamentals Reflect A Stable Economic Environment,
Sept. 30, 2014
• Australia And New Zealand Structured Finance Scenario And Sensitivity Analysis: Understanding The Effects Of
Macroeconomic Factors On Credit Quality, Aug. 1, 2014
• Global Structured Finance Scenario And Sensitivity Analysis: Understanding The Effects Of Macroeconomic Factors
On Credit Quality, July 2, 2014
• RMBS Performance Watch: Australia, published quarterly
• RMBS Arrears Statistics: Australia, published monthly
• Australian Securitization News, published monthly

The issuer has informed Standard & Poor's (Australia) Pty Limited that the issuer will be publically disclosing all
relevant information about the structured finance instruments that are subject to this rating report.

Standard & Poor's (Australia) Pty. Ltd. holds Australian financial services licence number 337565 under the Corporations Act 2001. Standard &
Poor's credit ratings and related research are not intended for and must not be distributed to any person in Australia other than a wholesale
client (as defined in Chapter 7 of the Corporations Act).

Analytical Team
Primary Credit Analyst:
Alisha Treacy, Melbourne (61) 3-9631-2182; alisha.treacy@spglobal.com

Secondary Contact:
Luke Elder, Melbourne (61) 3-9631-2168; luke.elder@spglobal.com

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