Elstree 2025-1 1ST PLC: Credit Rating Report

Ratings

• Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  13-Mar-25	Class A Notes	AAA (sf)	--	Provis.-Final	UK E
  13-Mar-25	Class B Notes	AA (high) (sf)	--	Provis.-Final	UK E
  13-Mar-25	Class C Notes	A (high) (sf)	--	Provis.-Final	UK E
  13-Mar-25	Class X Notes	A (high) (sf)	--	Provis.-Final	UK E
  13-Mar-25	Class D Notes	BBB (high) (sf)	--	Provis.-Final	UK E
  13-Mar-25	Class E Notes	BBB (sf)	--	Provis.-Final	UK E

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