The 'AAA (sf)' rating assigned to the class A notes issued by Perpetual Corporate Trust Ltd. as trustee of Metro Finance 2025-1 Trust (the issuer) reflects the following factors. The closest comparable rated transaction is Metro Finance 2024-1 Trust. There are no material structural differences between the two transactions. However, this transaction has a higher proportion of battery electric vehicles (BEVs), at around 16% of the pool. Novated leases make up 24% of the pool, compared with around 18% in the previous transaction. The structure of the transaction is shown in chart 1. We understand that transaction counsel will lodge the relevant financing statements on the Personal Property Securities Register in connection with the security interest. On any date on
