The outlook for securitisation of non-conforming mortgages - estimated by ratings agency Fitch to be worth A$20 billion - continues to strengthen, following a decision by Standard & Poor's to upgrade the credit rating of one of the oldest such programs in the market.

The A$169 million JEMStone vehicle is managed by ABN Amro but was set up in the early 1990s by former government-owned financier, AIDC, to securitise residential and small-balance commercial loans.

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