S&P Global Ratings (S&P) stayed its hand on Australia's sovereign rating following the release of the Commonwealth's mid-year economic and fiscal outlook (MYEFO) on December 19. The rating agency maintains the negative outlook on Australia's triple-A rating, while both Moody's Investors Service (Moody's) and Fitch Ratings (Fitch) are retaining stable triple-A ratings on the Australia sovereign.
On 30 September, S&P Global Ratings assigned a preliminary rating to Mercedes-Benz Financial Services Australia (Mercedes-Benz Australia)'s asset-backed securities (ABS) deal, Silver Arrow Australia 2019-1. Indicative total volume for the transaction is A$580 million (US$391.9 million). ANZ and MUFG Securities were mandated on 24 September to engage investors.
The nonbank lending sector represents a significant portion of the Australian securitisation market. While the volume and frequency of deals indicates an increasing level of investor comfort with the sector, myths pertaining to nonbanks’ lending practices persist and could inhibit future funding growth.
On 16 September, S&P Global Ratings released preliminary ratings for Bluestone Group (Bluestone)'s residential mortgage-backed securities (RMBS) deal, Sapphire XXII Series 2019-2. Moody's Investors Service revealed its expected ratings for the deal on 9 September. Total indicative volume for the transaction is A$450 million (US$309.3 million).
On 26 August, expected ratings were assigned by S&P Global Ratings to MyState Bank’s potential residential mortgage-backed securities (RMBS) deal, ConQuest 2019-2 Trust. The deal has indicative total volume of A$400 million (US$269.5 million).
On 19 August, S&P Global Ratings (S&P) assigned AAA preliminary ratings to the Class A-R and Class B1-R notes from Macquarie Bank's residential mortgage-backed securities (RMBS) refinancing, Puma Series 2014-4P. According to S&P, the pool has a balance of A$301.1 million (US$204.2 million) as of June 2019.