MELBOURNE (S&P Global Ratings) Oct. 29, 2026--S&P Global Ratings today assigned its ratings to eight classes of nonconforming and prime residential mortgage-backed securities (RMBS) issued by Permanent Custodians Ltd. as trustee of Sapphire XXXVI Series 2026-3 Trust (see list). Sapphire XXXVI Series 2026-3 Trust is a securitization of nonconforming and prime residential mortgages originated by Bluestone Mortgages Pty Ltd. (Bluestone). The ratings we have assigned to the floating-rate RMBS reflect the following factors. The credit risk of the underlying collateral portfolio and the credit support provided to each class of notes are commensurate with the ratings assigned. Note subordination and excess spread provide credit support. Our assessment of credit risk considers Bluestone's underwriting standards and approval process as well as
