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Presale: AFG 2021-2 Trust In Respect Of Series 2021-2

The preliminary ratings assigned to the prime floating-rate residential mortgage-backed securities (RMBS) to be issued by Perpetual Corporate Trust Ltd. as trustee of AFG 2021-2 Trust in respect of Series 2021-2 reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each class of rated notes are commensurate with the ratings assigned. Credit support is provided by subordination and lenders' mortgage insurance (LMI). The credit support provided to the rated notes is sufficient to cover the assumed losses at the applicable rating stress.

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