Fitch Rates Firstmac Mortgage Funding Trust No. 4 Series 2024-4
Fitch Ratings assigned expected ratings to Firstmac Mortgage Funding Trust No. 4 Series 2024-4's floating-rate notes, according to a Thursday release.
These include AAA(EXP)sf long-term ratings for class A1 and A2 notes and NR(EXP)sf ratings for class AB, B, C, D, E, F and G notes.
The notes are backed by a pool of residential mortgage loans originated by Firstmac nominee originators, Fitch said.
Firstmac Fiduciary Services will issue the notes as trustee.
The notes' ratings reflect credit enhancement buffers for expected losses, limited liquidity risk, and low operational and servicing risk, Fitch said.
The outlook is stable, with the notes' portfolio performance tied to Australia's sustained economic growth and tight labor market.
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