...October 18, 2026 MELBOURNE (S&P Global Ratings) Oct. 19, 2026--S&P Global Ratings today assigned its preliminary ratings to eight of the nine classes of small-ticket commercial mortgage-backed, floating rate, pass-through notes to be issued by Perpetual Corporate Trust Ltd. as trustee of Voyager CMBS Trust 2026-1 (see list). Voyager CMBS Trust 2026-1 is a securitization of loans to small-ticket commercial borrowers, secured by first-registered mortgages over Australian small-ticket commercial or residential properties originated by BC Invest Loans Pty Ltd (BCIL). The ratings reflect the following factors. We have assessed the credit risk of the underlying collateral portfolio, including the fact that this is a closed portfolio, which means no further loans will be assigned to the trust after the closing date. Our analysis of credit risk for the small-ticket commercial mortgage loans is based on our "Principles Of Credit Ratings" criteria; however, where factors that affect borrower performance...
