S&P Global Ratings assigned its credit ratings to Dowson 2024-1 PLC's class A, B, C, D, E, F-Dfrd, and X-Dfrd notes. The class X-Dfrd notes are excess spread notes. The proceeds from the class X-Dfrd notes are used to fund the initial required cash reserves, the premium portion of the purchase price, and pay certain issuer expenses and fees.