Assessment Announcement: Moody's: No adverse rating impact on Harmoney ABS Trust 2021-1PP after extension of the substitution periodGlobal Credit Research - 10 Mar 2022Sydney, March 10, 2022 -- Moody’s Investors Service announced today that the proposed execution of Harmoney ABS Trust 2021-1PP Amending Deed on or around 10 March 2022 (the Amendment) will not, in and of itself and at this time, result in a reduction, placement on review for possible downgrade or withdrawal of the below current ratings of the notes issued by Perpetual Corporate Trust Limited in in its capacity as trustee of the Harmoney ABS Trust 2021-1PP.“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, Class B Notes, Class C Notes, Class D Notes, Class E Notes and Class F Notes are rated Aaa (sf), Aa2 (sf), A2 (sf), Baa2 (sf) and Ba2 (sf) and B2 (sf), respectively. The Notes total AUD94.9 million as of 16 February 2022.The changes under the Amendment include: (1) an extension of the initial three months substitution period by an additional six months, bringing the total substitution period to nine months from the initial closing date of 29 October 2021, and (2) a decrease of the maximum term of the eligible receivables to 60 months from 84 months.In our analysis, we considered the benefit of subordination build-up since closing. The subordination to all rated notes increased in percentage terms as the result of the paydown of the Class A notes from principal collections remaining after the purchase of substitution receivables during the prior collection periods.Harmoney ABS Trust 2021-1PP is a securitisation of unsecured personal loans extended to obligors in Australia. All loans were originated and are serviced by Harmoney Australia Pty Ltd (unrated), a wholly owned subsidiary of Harmoney Corp Limited (unrated), a New Zealand-registered company with a dual listing on the Australian and New Zealand stock exchanges.The methodology used in these ratings was "Moody’s Approach to Rating Consumer Loan-Backed ABS" published in September 2021 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1264327. 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 Amendment and does not express any opinion as to whether the Amendment has, or could have, other non-credit-related effects that may have a detrimental impact on the interests of noteholders 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. Level 10 1 O'Connell Street Sydney, NSW 2000 Australia JOURNALISTS: 61 2 9270 8141 Client Service: 852 3551 3077 Ilya Serov Associate Managing Director Structured Finance Group JOURNALISTS: 61 2 9270 8141 Client Service: 852 3551 3077 Releasing Office: Moody's Investors Service Pty. Ltd. Level 10 1 O'Connell Street Sydney, NSW 2000 Australia JOURNALISTS: 61 2 9270 8141 Client Service: 852 3551 3077 © 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). 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