S&P Global Ratings assigned its credit ratings to PRPM Lagado 2022-1 DAC's class A and B-Dfrd Irish RMBS notes. At closing, the issuer also issued unrated class Z notes. PRPM Lagado 2022-1 DAC is a static RMBS transaction that securitizes a €690.6 million portfolio of loans, comprising owner-occupied and buy-to-let nonperforming mortgage loans secured over residential and commercial properties in Ireland.