FIP Master Funding Series 2024-1 Notes Assigned Ratings; Various Rating Actions Taken On Series 2023-1 And Series 2023-2

FIP Master Funding I-VI, VIII-XIV, XVI, XVII, XIX, XXIV, FIP Cranston, 401 Collins Boulevard LLC, and FIP Ontario Investments ULC's series 2024-1 is an ABS transaction backed by 330 commercial real estate properties, including related rents due under triple-net-lease contracts and modified triple-net-lease contracts with the properties' tenants. We assigned our ratings to the series 2024-1 class A-1, A-2, and A-3 notes. At the same time, we raised our rating on the series 2023-1 class A-1 note, and affirmed our ratings on the series 2023-1 class A-2 note and series 2023-2 class A-1 and A-2 notes. The rating actions reflect our view of the transaction's credit enhancement, projected cash flows, and legal and payment structures, among other factors. NEW YORK

...- FIP Master Funding I-VI, VIII-XIV, XVI, XVII, XIX, XXIV, FIP Cranston, 401 Collins Boulevard LLC, and FIP Ontario Investments ULC's series 2024-1 is an ABS transaction backed by 330 commercial real estate properties, including related rents due under triple-net-lease contracts and modified triple-net-lease contracts with the properties' tenants. - We assigned our ratings to the series 2024-1 class A-1, A-2, and A-3 notes. At the same time, we raised our rating on the series 2023-1 class A-1 note, and affirmed our ratings on the series 2023-1 class A-2 note and series 2023-2 class A-1 and A-2 notes. - The rating actions 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. 17, 2024--S&P Global Ratings today assigned its ratings to FIP Master Funding I-VI, VIII-XIV, XVI, XVII, XIX, XXIV, FIP Cranston, 401 Collins Boulevard LLC, and FIP Ontario Investments ULC's net lease mortgage...

Ratings Action