This is the fourth rated securitization of auto assets originated by Angle Auto Finance Pty Ltd. (AAF) rated by S&P Global Ratings. The ratings assigned to the notes issued by Perpetual Corporate Trust Ltd. as trustee of Panorama Auto Trust 2024-3 (the issuer) reflect the following factors. The credit risk of the underlying collateral portfolio (discussed in more detail under "Collateral") and the credit support available are commensurate with the ratings assigned. Credit support for the class A and class B notes is provided in the form of subordination. All contract payments, including balloon payments, are an obligation of the borrower. As a result, the trust is not exposed to any market-value risk associated with the sale of the motor
