S&P: Adelaide Bank Returns to Market With Latest RMBS

Business Wire, Sept 3, 2003

Business Editors

MELBOURNE, Australia--(BUSINESS WIRE)--Sept. 3, 2003

Standard & Poor's Rating Services today assigned its preliminary ratings to Adelaide Bank's issue of residential mortgage-backed securities (RMBS) through Series 2003-1 TORRENS Trust (see class list).

The preliminary ratings are based on information as of Sept. 3, 2003. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings.

This makes it Adelaide Bank's eighth issue since the bank's first securitization program launched in 1996, and takes their total issuance of RMBS to just over A$4.1 billion.

PRELIMINARY RATINGS ASSIGNED
Series 2003-1 Torrens Trust
Class     Rating    Amount (mil.A$)
A1        AAA       AUD335
A2        AAA       AUD225
B         AA-       AUD20

A copy of Standard & Poor's complete presale report for this transaction is available on RatingsDirect, Standard & Poor's Web-based credit analysis system, at www.ratingsdirect.com. The presale can also be found on Standard & Poor's Web site at www.standardandpoors.com. Click Credit Ratings and find the article under "Presale Credit Reports."

Copyright 2003, Standard & Poor's Ratings Services