...October 20, 2021 MELBOURNE (S&P Global Ratings) Oct. 20, 2021--S&P Global Ratings today raised its ratings on the class B notes issued by Perpetual Trustee Co. Ltd. as trustee of Progress 2018-1 Trust and Progress 2019-1 Trust. At the same time, we affirmed our ratings on six classes of notes issued out of the same trusts (see list). The rating actions reflect the increased credit support to the notes and our view of the credit risk of the underlying collateral portfolios, which have been amortizing in line with our expectations, reducing the expected loss. Current loan-to-value (LTV) ratios for both pools have decreased as principal has been repaid. As of Aug. 31, 2021, the Progress 2018-1 pool has a current weighted-average LTV ratio of 60.3%, weighted-average seasoning of 69.7 months, and pool factor of about 40.7%. The Progress 2019-1 pool has a current weighted-average LTV ratio of 55.4%, weighted-average seasoning of 64.5 months, and pool factor of about 53.7%. The assets performance...
