S&P Global Ratings has assigned credit ratings to Stratton Mortgage Funding 2021-1 PLC's class A, B-Dfrd, C-Dfrd, D-Dfrd, and E-Dfrd notes. At closing, Stratton Mortgage Funding 2021-1 also issued unrated classes Z and X notes. We based our credit analysis on a £444.7 million pool as of Nov. 30, 2020 cut-off date. The pool comprises first-ranking nonconforming, reperforming, owner-occupied, and buy-to-let mortgage loans that were positively selected from "Project Sunbury" (Sunbury portfolio) or served as risk retention loans in Warwick 1 and Warwick 2, or previously securitized in Leek (Moonraker portfolio). Link ASI Ltd. and Link Mortgage Services Ltd. are the servicers for the Sunbury portfolio, and Western Mortgage Services Ltd. is the servicer for the Moonraker portfolio. We rate