(The following statement was released by the rating agency)SYDNEY, November 13 (Fitch) Fitch Ratings has assigned ratings to SMART ABS Series 2013-4PP Trust's asset-backed floating-rate notes. The issuance consists of notes backed by Australian automotive and equipment lease receivables originated by Macquarie Leasing Pty Ltd (Macquarie Leasing). The ratings are as follows:AUD750.0m Class A notes: 'AAAsf'; Outlook Stable;AUD22.5m Class B notes: 'AAsf'; Outlook Stable; andAUD125.8m Seller notes: NR. The notes were issued by Perpetual Trustee Company Limited as trustee for SMART ABS Series 2013-4PP Trust. The latter is a legally distinct trust established pursuant to a master trust and security trust deed.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 7.3 months, and an average receivable size of AUD35,324. Novated car contracts make up 30.0% of the pool. Consumer receivables represent 13.6% of the portfolio and the WA balloon payment for the portfolio is 16.5% of the original lease balance.KEY RATING DRIVERS SMART 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 13.6% of the portfolio. Historical gross loss information for the consumer products is limited. The first quarterly cohort provided by Macquarie Leasing begins in 4Q08. 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 2013-4PP 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 Fitch 'AAAsf' stressed lifetime cumulative net loss (CNL) assumption in all Fitch scenarios.RATING SENSITIVITIESUnexpected increases in the frequency of foreclosures, and the loss severity on defaulted leases and 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 SMART ABS Series 2013-4PP Trust to increased gross default levels, and decreased recovery rates over the life of the transaction. Its analysis found that collectively the Class A and B notes' ratings remain resilient under Fitch's mild (10% increase), moderate (25% increase) and severe default (50% increase) scenarios.Recovery scenarios, whereby recovery rate assumptions are decreased, showed that both the Class A and Class B notes remain stable under each scenario tested. These include mild (10% decrease), moderate (25% decrease) and severe (50% decrease) stressed scenarios. The transaction also remains stable to a combination of both increased defaults and decreased recovery rates. 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 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=807959
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