Presale: Voyager CMBS Trust 2026-1

Preliminary Ratings Class Preliminary rating Preliminary amount (mil. A$) Minimum credit support before credit is given to mortgage insurance (%) Minimum credit support after credit is given to mortgage insurance (%) Credit support provided by subordination (%) A1-MM AAA (sf) 70.00 16.13 16.11 35.20 A1-AU AAA (sf) 254.00 16.13 16.11 35.20 A2 AAA (sf) 70.00 16.13 16.11 21.20 B AA (sf) 36.00 10.75 10.74 14.00 C A (sf) 30.50 5.32 5.31 7.90 D BBB (sf) 18.00 2.80 2.79 4.30 E BB (sf) 10.50 1.52 1.52 2.20 F B (sf) 6.60 0.69 0.69 0.88 G NR 4.40 N/A N/A 0.00 Note: This presale report is based on information as of Oct. 19, 2026. The ratings shown are preliminary. Subsequent information may

...This is the second transaction consisting of small-ticket commercial loans originated by BC Invest Loan Pty Ltd. (BCIL) to be rated by S&P Global Ratings. The preliminary ratings assigned by S&P Global Ratings to the floating-rate small-ticket commercial mortgage-backed securities (CMBS) to be issued by Perpetual Corporate Trust Ltd. as trustee of Voyager CMBS Trust 2026-1 reflect the following factors. Our credit risk and cash flow analysis for the small-ticket commercial loans follows our criteria. Our analysis follows our "Principles Of Credit Ratings" criteria, published Feb. 16, 2011. However, when there are similar factors that affect borrower performance, as in residential mortgages, we have applied similar assumptions (discussed in more detail under "Credit Assessment" and "Cash Flow Analysis"). We have considered the credit risk and the credit support provided to each class of rated notes. We have taken into account the credit risk of the underlying collateral portfolio and the...

Presale Report