The preliminary ratings assigned to the floating-rate residential mortgage-backed securities (RMBS) to be issued by Perpetual Corporate Trust Ltd. as trustee of Coventry Bond Trust 2023-1 reflect the following factors. The credit risk of the underlying collateral portfolio, which comprises residential mortgage loans to residents of Australia, to self-managed superannuation fund (SMSF) borrowers, and to expatriate borrowers (discussed in more detail under "Credit Assessment"), and the credit support provided to each class of notes are commensurate with the ratings assigned. Credit support is provided by subordination, excess spread, if any, and a loss reserve funded by the trapping of excess spread, subject to certain conditions. Our assessment of credit risk takes into account BC Securities Pty Ltd.'s (BCS's) underwriting standards