S&P Global Ratings assigned credit ratings to Pierpont BTL 2023-1 PLC's (Pierpont 2023-1) class A notes and class B-Dfrd to X-Dfrd interest deferrable notes. Pierpont 2023-1 is a static RMBS transaction that securitizes a portfolio of buy-to-let (BTL) mortgage loans secured on properties in the U.K. LendInvest BTL Ltd. originated the loans in the pool between August 2019 and October 2022. At closing, the issuer used the issuance proceeds to purchase the full beneficial interest in the mortgage loans from the seller.