Fitch Ratings has today affirmed the ratings of notes issued by Kingfisher NZ Trust 2008-1 mortgage-backed issue due April 2045. An additional NZD104.4m of Class B notes have been issued today by The New Zealand Guardian Trust Company Limited, in its capacity as trustee of Kingfisher NZ Trust 2008-1, on top of the existing NZD6.2bn notes. The ratings are as follows:

Class A notes affirmed at 'F1+';

NZD2,106m Class B1 notes (ISIN NZKNZD1002G8) affirmed at 'AAA'; Outlook Stable; Loss Severity rating 'LS1'; and

NZD4,205m Class B2 notes (ISIN NZKNZD1022G6) affirmed at 'AAA'; Outlook Stable; Loss Severity rating 'LS1'.

There was no further issuance of unrated Class C notes. As at the date of this rating action, there was no outstanding issuance of Class A notes.

The collateral pool at the cut-off date consisted of 63,683 loans with a total portfolio balance of NZD6.72bn, a current weighted loan-to-valuation ratio of 58.4%, and a weighted average seasoning equal to 33.6 months. Reduced documentation loans are not included in the transaction.

Applicable criteria available on Fitch's website at www.fitchratings.com: "Global Structured Finance Rating Criteria", dated 30 September 2009; "Criteria for Structured Finance Loss Severity Ratings", dated 17 February 2009; "Australian Residential Mortgage Default Criteria", dated 3 April 2008.