(The following statement was released by the rating agency)Link to Fitch Ratings' Report: Crusade ABS Series 2013-1 Trust
  http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=727136
 SYDNEY, December 18 (Fitch) Fitch Ratings has assigned final ratings to Crusade ABS Series 2013-1 Trust's asset-backed floating-rate notes. The issuance consists of notes backed by Australian automotive loan and lease receivables originated by St.George Finance Limited. The ratings are as follows:AUD840m Class A notes: 'AAAsf'; Outlook Stable;AUD40m Class B notes: 'AAsf'; Outlook Stable; AUD30m Class C notes: 'Asf'; Outlook Stable; AUD24m Class D notes: 'BBBsf'; Outlook Stable; AUD14m Class E notes: 'BBsf'; Outlook Stable; andAUD52m Seller notes: 'Not Rated'The notes were issued by Perpetual Corporate Trust Limited in its capacity as trustee of Crusade ABS Series 2013-1 Trust. The latter is a legally distinct trust established pursuant to a master trust and security trust deed. At the cut-off date, the pool was made up of receivables backed by motor vehicles with a weighted-average (WA) seasoning of 22.2 months, and an average size of AUD19,117. Distribution of the portfolio is concentrated on the east coast, in line with the population. The WA balloon residual percentage is 7.6% (percentage of the original outstanding balance of the receivable).KEY RATING DRIVERS Experienced Originator: St.George Bank established its auto finance business in 1994 through the purchase of a business incorporating motor vehicle receivables, commercial lending, and private banking, from Barclays Bank Australia Limited. St.George Bank is a wholly owned subsidiary of Westpac Banking Corporation (Westpac, AA-/Stable/F1+). Adequate Data Availability: St.George Finance provided Fitch with seven years of historical static loss data, and a complete set of line-by-line data fields, as expected, for its assessment.Changing Origination Composition: Consumer finance as a proportion of the receivables originated has increased significantly over the past five years. Consumer finance has higher levels of losses and longer lease terms than other originated product types, up to 84 months. This change in composition has been addressed in the rating analysis. Low Historical Defaults: St.George Finance's receivables book has experienced relatively low levels of defaults to date, with the majority of quarterly vintage gross loss percentages ranging from 1.1% to 3.9% for passenger vehicles. Delinquencies greater than 30 days have generally tracked below 3.0%.Consistent Credit Quality: This transaction's collateral backing has statistically similar credit quality to prior pools securitised under the Crusade ABS programme.RATING SENSITIVITY Unexpected increases in the frequency of foreclosures, and the loss severity on defaulted loans, could produce loss levels higher than Fitch's base case, which could in turn result in potentially negative rating actions on the notes. Fitch has evaluated the sensitivity of the ratings assigned to Crusade ABS Series 2013-1 Trust to increased gross default levels, and decreased recovery rates over the life of the transaction.Its analysis found that collectively all notes' ratings remain stable under Fitch's mild (10% increase), moderate (25% increase) and severe default (50% increase) scenarios.Recovery scenarios, whereby recovery rate assumptions are decreased, include mild (10% decrease), moderate (25% decrease) and severe (50% decrease) stressed scenarios. The analysis showed that the Class A notes were downgraded only under the severe scenario. All other rated notes remain stable under the mild, moderate and severe stresses.The Class A notes were subject to a downgrade only under a severe scenario combination of both increased defaults and decreased recovery rates. All other rated notes remain stable under the mild, moderate and severe stresses.Fitch's key rating drivers and rating sensitivities analysis are discussed further in the corresponding new issue report entitled "Crusade ABS Series 2013-1 Trust", published today. Included as an appendix to the report are a description of the representations, warranties, and enforcement mechanisms.Contacts: Primary Analyst Courtney MillerAnalyst+612 8256 0347 Fitch Australia Pty Ltd., Level 15, 77 King St, Sydney, NSW 2000 Secondary AnalystBen NeweyDirector+612 8256 0341 Committee ChairpersonNatasha VojvodicSenior Director+612 8256 0350 The source of information identified for this rating action was informed by information from Westpac Institutional Bank, as arranger and the issuer's counsel King & Wood Mallesons. The issuer has informed Fitch that not all relevant underlying information used in the analysis of the rated notes is public.Applicable criteria, "Global Structured Finance Rating Criteria", dated 24 May 2013; "Counterparty Criteria for Structured Finance and Covered Bonds", dated 13 May 2013; "Counterparty Criteria for Structured Finance and Covered Bonds: Derivative Addendum", dated 13 May 2013; "APAC Consumer ABS Rating Criteria", dated 24 July 2013 are available at 
  www.fitchratings.com.
 Media Relations: Iselle Gonzalez, Sydney, Tel: +61 2 8256 0326, Email: iselle.gonzalez@fitchratings.com.Additional information is available at 
  www.fitchratings.com.
 Applicable Criteria and Related Research: Global Structured Finance Rating Criteria
  http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661
 Counterparty Criteria for Structured Finance and Covered Bonds
  http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=707155
 Counterparty Criteria for Structured Finance and Covered Bonds: Derivative Addendum
  http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=707156
 APAC Consumer ABS Rating Criteria
  http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=711196
 Additional Disclosure Solicitation Status 
  http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=812450
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