MELBOURNE, Australia, Feb. 5 /PRNewswire/ -- Standard & Poor's today
assigned preliminary ratings to the new mortgage securitization issue from the
Commonwealth Bank of Australia (double-'A'-minus/Stable/'A-1'-plus). Series
2002-1G Medallion Trust will be the first global residential mortgage-backed
securities (RMBS) for 2002, which is expected to be a busy first half for
global issuers.
The key difference between this transaction and the previous Medallion
deals (including three global issues) is that Series 2002-1G has introduced a
structural enhancement to the structure: the capacity to use principal to pay
interest. In addition, the credit support provided to the senior notes through
subordination will be 1.60%, although Standard & Poor's required only 1.45%.
As in previous deals, the class A1 notes are U.S.-dollar denominated (US$1
billion, assigned preliminary triple-'A'), the class A2 tranche 1 and tranche
2 notes are Australian-dollar denominated (A$180 million and A$320 million,
respectively, assigned preliminary triple-'A'), and the subordinated class B
notes are Australian-dollar denominated (A$40 million, assigned preliminary
double-'A').
SOURCE Standard & Poor's
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Related links:
http://www.standardandpoors.com/ratings
CONTACT:
Manny Arabatzis, +61-3-9631-2064, or Gary
Tucker, +61-3-9631- 2054, both of Standard & Poor's
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