MELBOURNE, Australia, Feb. 6 /PRNewswire/ -- Standard & Poor's today
assigned preliminary ratings to the first Australian residential mortgage-
backed securities (RMBS) issue by a regional bank for 2002. Series 2002-1 REDS
Trust will issue three classes of floating-rate notes backed by prime
residential mortgages originated by Bank of Queensland Ltd. (triple-
'B'/Stable/'A-2'). The A$148.5 million class A-1 and A$183 million class A-2
notes have been assigned a preliminary triple-'A' rating and the A$8.5 million
class B notes a preliminary double-'A'.
Bank of Queensland has been securitizing mortgages since 1998. This new
REDS Trust issue is the first regional bank RMBS since Adelaide Bank's Series
2001-1 TORRENS Trust in October 2001.
SOURCE Standard & Poor's
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