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Presale: Metro Finance 2023-1 Trust

This is the ninth securitization of auto and equipment assets originated by Metro Finance Pty Ltd. and the fourth to be rated by S&P Global Ratings. The preliminary 'AAA (sf)' rating assigned to the class A notes to be issued by Perpetual Corporate Trust Ltd. as trustee of Metro Finance 2023-1 Trust (the issuer) reflects the following factors. Our rating analysis considers a transaction's potential exposure to ESG credit factors. The transaction's above-average exposure to environmental credit factors, given that the collateral pool primarily comprises vehicles with internal combustion engines, is in line with our sector benchmark. While the adoption of electric vehicles and future regulation could in time lower the value of internal combustion engine vehicles, we believe our