We have assigned our preliminary ratings to Towd Point Mortgage Funding 2023 - Vantage 3 PLC. The transaction securitizes a U.K. nonconforming pool of residential mortgage loans (first-ranking owner-occupied and buy-to-let). LONDON (S&P Global Ratings) Nov. 6, 2023--S&P Global Ratings today assigned preliminary credit ratings to Towd Point Mortgage Funding 2023 - Vantage 3 PLC's (TPMF 2023-VA3) class A1, A2, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, and F-Dfrd notes. At closing, TPMF 2023-VA3 will also issue unrated class Z and XB certificates (see list above). TPMF 2023-VA3 securitizes a U.K. nonconforming pool of residential mortgage loans (first-ranking owner-occupied and buy-to-let). It entirely includes the outstanding collateral of an already-rated transaction, Towd Point Mortgage Funding 2019 - Vantage2 PLC (issued in November 2019).
