This is the sixth securitization of auto and equipment assets originated by Metro Finance Pty Ltd. and the first to be rated by S&P Global Ratings. The preliminary 'AAA (sf)' rating assigned to the class A notes to be issued by Perpetual Trustee Co. Ltd. as trustee of Metro Finance 2021-1 Trust (the issuer) reflects the following factors. The credit risk of the underlying collateral portfolio and the credit support available are commensurate with the preliminary rating assigned.