Eurohome UK Mortgages 2007-1 Class A And M U.K. RMBS Notes Ratings Lowered Following Counterparty Downgrade

On May 11, 2023, we lowered to 'A+' from 'AA-' our long-term issuer credit rating (ICR) on Elavon Financial Services DAC. Following the application of our counterparty risk criteria, we lowered to 'A+ (sf)' from 'AA- (sf)' our ratings on Eurohome UK Mortgages 2007-1's class A, M1, and M2 notes. LONDON (S&P Global Ratings) July 6, 2023--S&P Global Ratings today lowered to 'A+ (sf)' from 'AA- (sf)' its credit ratings on Eurohome UK Mortgages 2007-1 PLC's class A, M1, and M2 notes. Today's downgrades follow our May 11, 2023, action on our long-term ICR on Elavon Financial Services DAC, the bank account provider in this transaction (see "U.S. Bancorp Downgraded To 'A' From 'A+' On Narrower Outperformance Versus Peers; Outlook

...- On May 11, 2023, we lowered to 'A+' from '##-' our long-term issuer credit rating (ICR) on Elavon Financial Services DAC. - Following the application of our counterparty risk criteria, we lowered to 'A+ (sf)' from '##- (sf)' our ratings on Eurohome UK Mortgages 2007-1's class A, M1, and M2 notes. LONDON (S&P Global Ratings) July 6, 2023--S&P Global Ratings today lowered to 'A+ (sf)' from '##- (sf)' its credit ratings on Eurohome UK Mortgages 2007-1 PLC's class A, M1, and M2 notes. Today's downgrades follow our May 11, 2023, action on our long-term ICR on Elavon Financial Services DAC, the bank account provider in this transaction (see "U.S. Bancorp Downgraded To 'A' From 'A+' On Narrower Outperformance Versus Peers; Outlook Stable"). The overarching principle behind our counterparty criteria is the replacement of a counterparty when the rating on the counterparty falls below a minimum eligible rating (see "Counterparty Risk Framework: Methodology And Assumptions," published on March 8,...

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