Elstree 2025-2 1ST PLC U.K. RMBS Notes Assigned Preliminary Ratings

Preliminary ratings Class Preliminary rating* Class size (%) A AAA (sf) 90.00 B-Dfrd AA (sf) 4.75 C-Dfrd A+ (sf) 2.50 D-Dfrd BBB+ (sf) 1.50 E-Dfrd BB+ (sf) 1.25 X-Dfrd BB- (sf) 3.00 RC1 Residual Certificates NR N/A RC2 Residual Certificates NR N/A *Our preliminary ratings address timely receipt of interest and ultimate repayment of principal for the class A notes, and the ultimate payment of interest and principal on the other rated notes. Our preliminary ratings also address the timely receipt of interest on the rated notes when they become most senior outstanding. Any deferred interest is due immediately when the class becomes the most senior class outstanding. SONIA--Sterling Overnight Index Average. NR--Not rated. N/A--Not applicable. Elstree 2025-2 1ST PLC

...Class Preliminary rating* Class size (%) A ### (sf) 90.00 B-Dfrd ## (sf) 4.75 C-Dfrd A+ (sf) 2.50 D-Dfrd ###+ (sf) 1.50 E-Dfrd ##+ (sf) 1.25 X-Dfrd ##- (sf) 3.00 RC1 Residual Certificates ## N/A RC2 Residual Certificates ## N/A *Our preliminary ratings address timely receipt of interest and ultimate repayment of principal for the class A notes, and the ultimate payment of interest and principal on the other rated notes. Our preliminary ratings also address the timely receipt of interest on the rated notes when they become most senior outstanding. Any deferred interest is due immediately when the class becomes the most senior class outstanding. SONIA--Sterling Overnight Index Average. ##-- Not rated. N/A--Not applicable....

Ratings Action