The ACT is not in a position to comment on the internal practices of the Ratings Agencies in rating structured finance instruments. However we would suggest that there may be a case for the Agencies to clarify externally that the methodology used is different to that for corporate securities. The Agencies may also consider appending a suffix - similar to that used for money market funds e.g. AAA ’sf’ – so that investors and other market participants are clearly guided towards the correct methodology when considering investment activity in differing rated asset classes.