Well, they didn’t actually give a thumbs up – what they actually said was along the lines that they don’t expect any widespread deterioration in the performance of assets underlying Aust and NZ structured finance and covered bonds in 2013.
- continuation of stable economic conditions in Aust and NZ
- they did say a factor that could change their outlook is the currently high level of household indebtedness – any change in eco conditions could lead to difficulties servicing the debt
