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U.S. Subprime RMBS Watch Negative Actions Have No Impact On Australian RMBS
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Publication Date:    Jul 11, 2007 05:37 Europe/London

U.S. Subprime RMBS Watch Negative Actions Have No Impact On Australian RMBS
Primary Credit Analyst:
Belinda Smith-SF, Melbourne (61) 3-9631-2068;
belinda_smith@standardandpoors.com
Secondary Credit Analyst:
Leah Rhodes, Melbourne (61) 3-9631-2064;
leah_rhodes@standardandpoors.com
Publication date: 11-Jul-07, 00:37:57 EST
Reprinted from RatingsDirect 


MELBOURNE (Standard & Poor's) July 11, 2007--On 10 July 2007, Standard & 
Poor's Ratings Services place
d 612 U.S. subprime RMBS tranches on CreditWatch 
negative. The actions outlined in the press release "612 U.S. Subprime RMBS 
Classes Put On Watch Neg; Methodology Revisions Announced" will not impact the 
ratings on any subprime RMBS transactions collateralized by Australian and New 
Zealand residential mortgage loans. 
     The U.S. press release also announced a change in surveillance 
methodology. It should be noted that this methodology relates to U.S. subprime 
transactions. Subprime and non-conforming mortgages collateralizing Australian 
and New Zealand RMBS continue to perform within rating expectations and the 
methodology and procedures used to rate and monitor the Australian and New 
Zealand RMBS transactions remains unchanged. The Australian and New Zealand 
RMBS criteria "Australian & New Zealand RMBS: Analyzing Credit Quality" can be 
found on www.standardandpoors.com.
     Additional commentary on the U.S. subprime mortgage market can be found 
in a special 'Viewpoint' topic on Standard & Poor's Web site at 
www.standardandpoors.com; select Research & Knowledge, then S&P Viewpoint. 
Particularly relevant is an FAQ article published on May 3, 2007 on Ratings 
Direct, Standard & Poor's Web-based credit analysis system, at 
www.ratingsdirect.com. The article is entitled, "Credit FAQ: Will The U.S. 
Subprime Downturn Impact The Australian RMBS Market?"
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