S&P Global Ratings has assigned preliminary credit ratings to Stratton Mortgage Funding 2024-3 PLC's class A, B-Dfrd, C-Dfrd, and D-Dfrd notes. At closing, the issuer will also issue unrated class E-Dfrd, F-Dfrd, Z-Dfrd, X1, and X2 notes, and unrated RC1 and RC2 certificates. The class A to Z-Dfrd notes represent the collateralized debt. We based our credit analysis on a preliminary pool of £357.3 million (as of April 30, 2024). This a refinancing of Stratton Mortgage Funding 2020-1 PLC (Stratton 2020-1) and Stratton Mortgage Funding 2021-3 PLC (Stratton 2021-3). The pool comprises first-ranking nonconforming, owner-occupied, and buy-to-let (BTL) mortgage loans secured on properties in the U.K. and a small proportion (approximately 6.05% of the pool) of commercial loans also secured