(The following statement was released by the rating agency)Link to Fitch Ratings' Report: Pinnacle Series Trust 2013-T1
  http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=718797
 SYDNEY, October 01 (Fitch) Fitch Ratings has assigned expected ratings and outlooks to Pinnacle Series Trust 2013-T1, as listed below. The transaction is a securitisation of first-ranking Australian residential, full-documentation mortgage loans originated by Police and Nurses Limited, trading as P&N Bank, due January 2045. The ratings are as follows:AUD276.0m Class A notes: 'AAAsf'EXP)'; Outlook Stable;AUD16.5m Class AB notes: not rated; AUD6.0m Class B1 notes: not rated; andAUD1.5m Class B2 notes: not rated.The notes are being issued by BNY Trust Company of Australia Limited as trustee of Pinnacle Series Trust 2013-T1. The transaction is a legally distinct trust established pursuant to a master trust deed.At the cut-off date, the total collateral pool consisted of 1,859 loans originated by P&N totalling approximately AUD294.4m. KEY RATING DRIVERSConservative Originator: P&N has been involved in the origination, servicing, and management of housing loans since 1990. P&N services 10,609 residential mortgages, with AUD2.18bn outstanding as at 31 August 2013. Strong Collateral Characteristics: The weighted-average (WA) seasoning of the portfolio is 50.4 months, with a WA current loan/value ratio (LVR) of 57.1% and a WA indexed LVR of 53.9%. A total of 1.9% of the pool has a fixed interest rate. This exposure is not hedged, but it does not represent a significant risk given its small proportion and rapid run-off profile. Further, floating rate loans cannot be converted to fixed rates within the trust. Sequential/Pro-Rata Structure: Interest is paid sequentially to class A and AB, and then pari passu among the B-1 and B-2 notes. Interest on the Class B notes is calculated on both stated and invested balances, with the portion of interest calculated on invested balance exceeding that calculated on stated balance being subordinated in the interest waterfall. If pro-rata conditions are not met, the principal is paid sequentially. When pro-rata conditions are met, principal is paid pari passu between all classes. Geographic Concentration: Collateral is strongly concentrated in Western Australia, reflecting P&N's origins and highly localised branch network. Western Australia accounts for 95.4% of the pool, with Perth metropolitan area accounting for 83.1%. Fitch has applied increased default probability assumptions at each of the state, regional, and postcode levels due to the high degree of geographic concentration. Typical Support Features: The expected ratings are based on the pool that has lenders' mortgage insurance (LMI) policies covering 100% of the pool; a liquidity reserve equivalent to 1.0% of the outstanding balance of the mortgages; and P&N's mortgage underwriting and servicing capabilities.RATING SENSITIVITYUnexpected decreases in residential property values, increases in the frequency of foreclosures, and loss severity on defaulted mortgages could produce loss levels higher than Fitch's base case, which could result in potentially negative rating actions on the notes. Fitch evaluated the sensitivity of the ratings assigned to Pinnacle Series Trust 2013-T1 to increased defaults and decreased recovery rates over the life of the transaction. Fitch's key rating drivers and sensitivities are discussed in the corresponding presale report entitled "Pinnacle Series Trust 2013-T1", published today. Included as an appendix to the report are a description of the representations, warranties, and enforcement mechanismsContacts: Primary AnalystAnthea ClarkAssociate Director+61 2 8256 0379Fitch Australia Pty Ltd., Level 15, 77 King Street, Sydney NSW 2000Secondary AnalystDavid CarrollDirector+61 2 8256 0333Committee ChairpersonBen McCarthyManaging Director, +61 2 8256 0388The source of information used to assess these ratings was Police and Nurses Limited, and its legal counsel, Allen and Overy. The issuer has informed Fitch that not all relevant information about the rated notes is public.Applicable criteria, "Global Structured Finance Rating Criteria", dated 24 May 2013; "APAC Residential Mortgage Criteria", dated 1 August 2013; "APAC Residential Mortgage Criteria Addendum - Australia", dated 1 August 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; and "Global Criteria for Lender's Mortgage Insurance in RMBS", dated 1 August 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
 APAC Residential Mortgage Criteria
  http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=709855
 APAC Residential Mortgage Criteria Addendum ?? Australia
  http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=710259
 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
 Global Criteria for Lenders?? Mortgage Insurance in RMBS
  http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=709255
 Additional Disclosure Solicitation Status 
  http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=803850
 ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S FREE WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.Fitch Australia Pty Ltd holds an Australian financial services licence (AFS licence no. 337123) which authorises it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001.