...August 30, 2024 MELBOURNE (S&P Global Ratings) Aug. 30, 2024--S&P Global Ratings today assigned its preliminary ratings to three classes of asset-backed securities (ABS) to be issued by Perpetual Corporate Trust Ltd. as trustee of Panorama Auto Trust 2024-3. The notes are backed by a pool of consumer loan, commercial loan, and novated lease contracts backed by motor vehicles that were originated by Angle Auto Finance Pty Ltd. (AAF). This is the fourth securitization of auto assets originated by AAF rated by S&P Global Ratings. The preliminary ratings reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support available are commensurate with the preliminary 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...
