NAB's credit ratings remain unchanged

Standard & Poor’s has announced that its ratings for some of NAB’s residential mortgage-backed securities (RMBS) are unchanged following the bank’s reclassification of property data.

The credit ratings agency said RMBS issued by Perpetual Trustees as a trustee for National RMBS Trust 2010-1, National RMBS Trust 2011-1 and National RMBS Trust 2012-2 are unchanged after NAB recently announced that it had reclassified property occupancy data as part of its reporting obligations.

Under the reclassification, Standard & Poor’s said NAB has decreased the proportion of owner-occupied loans and correspondingly increased the proportion of reported investor loans.

“The level of respective credit enhancement available in each transaction is sufficient to absorb the increased investment loan exposure,” it said.

“As such, the reclassification will not in and of itself result in a lowering, withdrawal, or qualification of the outstanding ratings of the aforementioned transactions.”

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