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Presale: Series 2021-1 WST Trust

The preliminary rating assigned to the prime floating-rate residential mortgage-backed securities (RMBS) to be issued by BNY Trust Co. of Australia Ltd. as trustee of the Series 2021-1 WST Trust reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to the class A notes are commensurate with a 'AAA (sf)' rating. Credit support is provided by subordination of the class B notes, lenders' mortgage insurance (LMI), and excess spread, if any. Subordination provided to the class A notes is commensurate with our opinion of the minimum 'AAA' level of credit support when giving no credit to LMI.