S&P Global Ratings has assigned ratings to Hops Hill No.3 PLC's class A notes and class B-Dfrd to G notes. This is a RMBS transaction that securitizes a portfolio of buy-to-let (BTL) mortgage loans secured on properties located in the U.K. The mortgage portfolio is approximately £347.6 million as of May 3, 2023, plus a prefunding amount. The loans were all originated in the past two years by Keystone Property Finance.