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Presale: Olympus 2022-1 Trust

The preliminary ratings assigned by S&P Global Ratings to the floating-rate residential mortgage-backed securities (RMBS) to be issued by Perpetual Corporate Trust Ltd. as trustee for Olympus 2022-1 Trust reflect the following factors. The credit risk of the underlying collateral portfolio (discussed in more detail under "Credit Assessment") and the credit support provided to each class of notes are commensurate with the ratings assigned. Note subordination and excess spread provide credit support. Our assessment of credit risk takes into account the underwriting standards and approval processes of Athena Mortgage Pty Ltd. (Athena) (discussed in more detail under "Origination") and its servicing quality (discussed in more detail under "Servicing"). The rated notes can meet timely payment of interest and ultimate payment