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Announcement: Moody's: No adverse rating impact on TORRENS Series 2008-1 Trust following upliftGlobal Credit Research - 09 Feb 2021Sydney, February 09, 2021 -- Moody's Investors Service announced today that the issuance of additional Class A and Class B notes following the pool upsize to AUD8.0 billion of TORRENS Series 2008-1 Trust on February 9, 2021 (the uplift) would not, in and of itself and as of this point in time, result in a reduction, placement on review for possible downgrade or withdrawal of Moody's current rating of Class A notes issued by Perpetual Trustee Company Limited in its capacity as trustee of TORRENS Series 2008-1 Trust."IMPORTANT NOTICE: MOODY'S RATINGS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS. SUCH USE WOULD BE RECKLESS AND INAPPROPRIATE. SEE FULL DISCLAIMERS BELOW."The Class A notes, which total AUD7.5 billion after the uplift, are rated Aaa (sf). They benefit from the 6.4% subordination provided by the unrated Class B notes.In addition, a liquidity facility of AUD128.4 million provides liquidity support to the transaction.The revised pool has a weighted average current loan-to-value ratio of 68.4% and seasoning of 44.3 months.The transaction is a securitization of a portfolio of Australian prime mortgage loans originated by Bendigo and Adelaide Bank Limited.The principal methodology used in this rating was "Moody's Approach to Rating RMBS Using the MILAN Framework" published in December 2020 and is available at http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1248130. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.Moody's opinion addresses only the credit impact associated with the proposed uplift, and Moody's is not expressing any opinion as to whether the proposed uplift has, or could have, other non-credit related effects that may have a detrimental impact on the interests of holders of rated obligations and/or counterparties.This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history. Alena Chen VP - Senior Credit Officer Structured Finance Group Moody's Investors Service Pty. Ltd. 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