May 23 (Reuters) - (The following statement was released by the rating agency)
Fitch Ratings has affirmed and withdrawn Interstar Millennium Series 2006-2G Trust Class A1notes' Short-Term' F1sf rating. The transaction is a securitisation of Australian conformingresidential mortgages originated through a network of mortgage originators and brokers. Therating action is as listed below:
USD108.9m Class A1 (ISIN: USQ49677AA73) Short-Term rating affirmed at 'F1sf', rating withdrawn
The Short-Term rating of the class A1 notes reflected the Short-Term 'F1' rating of Barclays Bank PLC (Barclays), which was the conditional purchaser for this particular class of notes.
On 1 May 2013, the conditional purchaser confirmed the non-extension of the conditional purchase agreement. On 20 May 2013, the remarketing agent has subsequently delivered the conditional purchase activation notice, requiring the conditional purchaser to purchase all the class A1 notes from existing investors and terminated its appointment under the remarketing agreement.
As a result, the class A1 notes will no longer fulfil the required definition to merit Short-Term rating and the Short-Term rating has been withdrawn.
As the Long-Term rating on the Class A1 notes is not dependent by the presence of the conditional purchase agreement, but is a reflection of the performance in the collateral pool, Fitch confirms that the termination of the agreement will not result in a downgrade or withdrawal of the Long-Term rating of the class A1 notes.
Barclays (BARC)