FIP Master Funding Series 2023-2 Notes Assigned Ratings; Series 2023-1 Ratings Affirmed

FIP Master Funding I-IV, VI, VIII-XI, XIII, XIV, XVI, and XIX LLC and FIP Ontario Investments ULC's issuance is an ABS transaction backed by 285 commercial real estate properties, including related rents due under triple-net-lease contracts with the properties' tenants. We assigned our ratings to the series 2023-2 class A-1 and A-2 notes. We affirmed the ratings on the series 2023-1 notes and removed them from under criteria observation, where they were placed on Aug. 24, 2023, following the publication of our revised criteria for rating triple-net lease ABS transactions. The ratings and affirmations reflect our view of the transaction's credit enhancement, projected cash flows, and legal and payment structures, among other factors. NEW YORK (S&P Global Ratings) Oct. 31,

...- FIP Master Funding I-IV, VI, VIII-XI, XIII, XIV, XVI, and XIX LLC and FIP Ontario Investments ULC's issuance is an ABS transaction backed by 285 commercial real estate properties, including related rents due under triple-net-lease contracts with the properties' tenants. - We assigned our ratings to the series 2023-2 class A-1 and A-2 notes. - We affirmed the ratings on the series 2023-1 notes and removed them from under criteria observation, where they were placed on Aug. 24, 2023, following the publication of our revised criteria for rating triple-net lease ABS transactions. - The ratings and affirmations reflect our view of the transaction's credit enhancement, projected cash flows, and legal and payment structures, among other factors. NEW YORK (S&P Global Ratings) Oct. 31, 2023--S&P Global Ratings today assigned its ratings to FIP Master Funding I-IV, VI, VIII-XI, XIII, XIV, XVI, and XIX LLC and FIP Ontario Investments ULC's net lease mortgage notes series 2023-2. We also affirmed...

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