...October 19, 2021 MELBOURNE (S&P Global Ratings) Oct. 20, 2021--S&P Global Ratings today assigned preliminary ratings to six of the seven classes of prime residential mortgage-backed securities (RMBS) to be issued by BNY Trust Co. of Australia Ltd. as trustee for Pinnacle Series Trust 2021-T1 (see list). The preliminary ratings reflect: - Our view of the credit risk of the underlying collateral portfolio, including our view that the credit support is sufficient to withstand the stresses we apply. The credit support for the rated notes comprises note subordination and lenders' mortgage insurance on 38.4% of the portfolio. - Our expectation that the various mechanisms to support liquidity within the transaction, including an amortizing liquidity reserve equal to 0.80% of the initial aggregate principal outstanding on the pool of mortgage loans, principal draws, and an excess revenue reserve, are sufficient under our stress assumptions to ensure timely payment of interest on the rated notes....
