PCL Funding V PLC: Rating Report

DBRS Ratings Limited (DBRS Morningstar) finalised its provisional ratings on the Series 2021-1 Notes (the Notes) issued by PCL Funding V PLC (the Issuer or PCL V):

-- GBP 265,500,000 Series 2021-1, Class A Notes rated AAA (sf)
-- GBP 18,000,000 Series 2021-1, Class B Notes rated A (high) (sf)
-- GBP 9,000,000 Series 2021-1, Class C Notes rated BBB (high) (sf)

DBRS Morningstar does not rate the Series 2021-1, Class D Notes also issued in this transaction.