S&P Global Ratings has assigned preliminary credit ratings to Stratton Mortgage Funding 2024-2 PLC's class A, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, and F-Dfrd notes. At closing, Stratton Mortgage Funding 2024-2 will also issue unrated classes Z and X notes. We based our credit analysis on a preliminary pool of £307.5 million (as of Jan. 31, 2024). This a refinancing of Stratton Mortgage Funding 2021-1 PLC (Stratton 2021-1). The pool comprises first-ranking nonconforming, reperforming, owner-occupied, and buy-to-let (BTL) 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). BCMGlobal Mortgage Services Ltd. and BCMGlobal ASI Ltd. are the servicers for the Sunbury