The preliminary ratings assigned to the notes to be issued by Perpetual Corporate Trust Ltd. as trustee for La Trobe Financial Capital Markets Trust 2023-2 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. Credit support is provided by subordination and excess spread. The credit support provided to the rated notes is sufficient to cover the assumed losses at the applicable rating stress. The assessment of credit risk takes into account La Trobe Financial Services Pty Ltd.'s (La Trobe Financial) underwriting standards and approval process, and La Trobe Financial's strong servicing quality (discussed in