S&P Global Ratings has assigned preliminary credit ratings to Taurus 2021-5 UK DAC's class A, B, C, D, E, and F notes. The transaction is backed by £263.2 million of a £2.36 billion senior loan, which includes a £169 million capital expenditure (capex) facility which we have assumed will be fully drawn. Bank of America N.A., London Branch and three other lenders, originated the loan in February 2020 as part of the financing of Blackstone Inc.'s acquisition of iQ Student Accommodation (iQ), one of the U.K.'s largest student housing providers. The senior loan is secured by 43 purpose-built student accommodation (PBSA) properties totaling about 21,000 beds located throughout the U.K. The securitized senior loan (£263.2 million) will be 11.2% of