...The ratings assigned to the prime floating-rate residential mortgage-backed securities (RMBS) issued by BNY Trust Co. of Australia Ltd. as trustee of the Pinnacle Series Trust 2021-T1 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 lenders' mortgage insurance (LMI) and is sufficient to cover assumed losses at the applicable rating stress. The assessment of credit risk takes into account the underwriting standards and approval process of the originator, which is consistent with industrywide practices, the servicing quality of Police & Nurses Ltd. (P&N; trading as P&N Bank) (discussed in more detail under "Origination And Servicing"), and the support provided by the LMI policies on 38.0% of the loans in the portfolio (see "Reliance On Lenders' Mortgage Insurance")....
