Prime Structured Mortgage (PriSM) Trust: Presale Report

The rating actions follow a structural change proposed by the Issuer since the provisional ratings were assigned on February 11, 2020. The Certificate Rate on the Class IO Certificates was lowered, to a rate of not higher than 0.01%, and as a result, excess spread in respect of the Class A Certificates and the Class VFC Certificates became generally available to provide support in respect of losses. This provides additional credit enhancement for the non-IO Certificates and warrants the higher ratings of the four lowest-rated classes of Certificates.