S&P Global Ratings has assigned ratings to Fastnet Securities 16 DAC's class A to E-Dfrd Irish RMBS notes. At closing, the transaction also issued unrated class Z-Dfrd notes. Fastnet 16 is a static RMBS transaction that securitizes a portfolio of €3,948.8 million owner-occupied mortgage loans, secured over residential properties in Ireland. The originator and administrator of the loans is Permanent TSB PLC (PTSB). The loans in the pool are prime mortgages, with no loans in arrears greater than 30 days. Our ratings on the class A1, A2, and A3 notes address the timely payment of interest and the ultimate payment of principal. Our ratings on the class B-Dfrd to E-Dfrd notes address the ultimate payment of interest and principal. The