Fitch Assigns Ratings to Light Trust 2024-1's Notes
Fitch Ratings has given expected ratings to Light Trust 2024-1's floating-rate notes, according to a Thursday release.
These include AAA(EXP)sf long-term ratings for class A and AB notes and NR(EXP)sf ratings for class B to F notes.
The notes are backed by a pool of residential mortgage loans originated by People's Choice Credit Union, a trading name of Heritage and People's Choice, Fitch said.
Perpetual Corporate Trust 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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