(The following statement was released by the rating agency)Link to Fitch Ratings' Report: SMART ABS Series 2013-3 Trust
  http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=719115
 SYDNEY, October 09 (Fitch) Fitch Ratings has assigned SMART ABS Series 2013-3 Trust's (SMART) notes final ratings. The transaction is a securitisation backed by Australian automotive and equipment lease receivables originated by Macquarie Leasing Pty Limited (Macquarie Leasing). The final ratings are as follows:AUD417.5m Class A notes: 'AAAsf'; Outlook Stable;AUD12.5m Class B notes: 'AAsf'; Outlook Stable; andAUD70.0m Seller notes: NR.The final ratings of the Class A notes are based on: the quality of the collateral; the 16.5% credit enhancement provided by the subordinate Class B notes; the unrated seller notes; and excess spread. They also reflect: a liquidity reserve account sized at 1% of the aggregate amount of the notes at closing; the interest rate swap arrangement the trustee has entered into with Macquarie Bank Ltd (A/Stable); and Macquarie Leasing's lease underwriting and servicing capabilities.The notes were issued by Perpetual Trustee Company Limited as trustee for SMART ABS Series 2013-3 Trust. The latter is a legally distinct trust established pursuant to a master trust and security trust deed.This is the 20th SMART transaction issued by Macquarie Leasing. The inclusion of consumer loans/leases (21.8% of the pool) distinguishes this transaction from previous SMART offerings, whereas the inclusion of equipment receivables (16.9% of the pool) has historically been evident only in domestic transactions. Another differing factor is the smaller proportion of novated leases in the underlying portfolio, which is down to 20.7% from an average of 60% to 65% in previous SMART transactions.KEY RATING DRIVERSSMART portfolios have exhibited a consistently stable performance. Historical gross losses by quarterly vintage on novated leases (car) range from 0.3% to 1.4%; non-novated leases (cars) from 1.0% to 3.6%; trucks from 0.5% to 5.0%; equipment from 0.2% to 5.0%; and consumer from 0.8% to 5.0%. Delinquencies of more than 30 days have traditionally tracked below 1.0%.Consumer receivables represent 21.8% of the portfolio. Historical gross loss information for the consumer products is limited. The first quarterly cohort provided by Macquarie Leasing begins in Q408. All consumer receivables have been originated and serviced in compliance with the National Credit Code, a schedule to the National Consumer Credit Protection Act 2009.SMART ABS Series 2013-3 Trust incorporates a sequential pay/pro-rata pay structure, consistent with prior transactions. Initial hard credit enhancement (CE) to the 'AAAsf' notes totals 16.5%. Pro-rata paydown will commence when CE reaches 19.9%, if the transaction performs consistently well. Overall, CE is sufficient to cover the 'AAAsf' stressed lifetime cumulative net loss (CNL) assumption in all Fitch scenarios.As at the cut-off date, the pool is made up of lease and loan receivables backed by motor vehicles and equipment, with a weighted-average (WA) seasoning of 8.5 months, and an average receivable size of AUD32,122. Novated contracts make up 20.7% of the pool. Consumer receivables represent 21.8% of the portfolio and the WA balloon payment for the portfolio is 17.7% of the original lease balance.The main industry exposures include: property and business services (35.4%); construction (13.9%); transport & storage (12.3%); government, administration & defence (7.3%); health & community services (7.0%); and other industries (4.8%). RATING SENSITIVITIESFitch's stress and rating sensitivity analysis is discussed in the corresponding new issue report entitled "SMART ABS Series 2013-3 Trust", available on 
  www.fitchratings.com
  or by clicking on the above link. Included in a corresponding appendix is a description of the representations, warranties, and enforcement mechanisms.Contacts: Primary AnalystCourtney MillerAnalyst+61 2 8256 0347Fitch Australia Pty Ltd, Level 15, 77 King Street, Sydney NSW 2000.Secondary AnalystBen NeweyDirector+61 2 8256 0341Committee ChairpersonNatasha VojvodicSenior Director+61 2 8256 0350In addition to the source of information identified in the presale report, this rating action was based on information provided by Macquarie Bank Ltd and their legal counsel, Allen & Overy. The issuer has informed Fitch that not all relevant underlying information used in the analysis of the rated notes is public.Applicable criteria, "APAC Consumer ABS Rating Criteria", 24 July 2013; "Global Structured Finance Rating Criteria", 24 May 2013; "Counterparty Criteria for Structured Finance and Covered Bonds", 13 May 2013; "Counterparty Criteria for Structured Finance and Covered Bonds: Derivative Addendum", 13 May 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: APAC Consumer ABS Rating Criteria
  http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=711196
 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
 Additional Disclosure Solicitation Status 
  http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=804584
 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.