S&P Global Ratings assigned credit ratings to Vecht Residential 2023-1 B.V.'s class A to D-Dfrd notes and uncollateralized class X1-Dfrd notes. At closing, Vecht Residential 2023-1 also issued unrated class X2, Z1, and Z2 notes. Vecht Residential 2023-1 is a static RMBS transaction that securitizes a portfolio of €215.8 million buy-to-let (BTL) mortgage loans (as of March 31, 2023) secured on residential properties in the Netherlands.