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

Ratings Class Rating* Amount (mil. £) A AAA (sf) 296.297 B-Dfrd AA (sf) 15.638 C-Dfrd AA- (sf) 8.231 D-Dfrd BBB+ (sf) 4.938 E-Dfrd BB+ (sf) 4.116 X BB+ (sf) 9.876 RC1 Residual Certificates NR N/A RC2 Residual Certificates NR N/A *Our ratings address timely receipt of interest and ultimate repayment of principal for the class A notes, the ultimate payment of principal on the class X notes, and the ultimate payment of interest and principal on the other rated notes. Our 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.

...Class Rating* Amount (mil. ú) A ### (sf) 296.297 B-Dfrd ## (sf) 15.638 C-Dfrd ##- (sf) 8.231 D-Dfrd ###+ (sf) 4.938 E-Dfrd ##+ (sf) 4.116 X ##+ (sf) 9.876 RC1 Residual Certificates ## N/A RC2 Residual Certificates ## N/A *Our ratings address timely receipt of interest and ultimate repayment of principal for the class A notes, the ultimate payment of principal on the class X notes, and the ultimate payment of interest and principal on the other rated notes. Our 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