S&P Global Ratings assigned credit ratings to Avon Finance No.4 PLC's class A, B, C-Dfrd, D-Dfrd, E-Dfrd, F-Dfrd, G-Dfrd, and X-Dfrd U.K. RMBS notes. At closing, the issuer also issued unrated class Z and R notes and X1, X2, and Y certificates. The transaction is a refinancing of Avon Finance No.2 PLC, which in turn was a refinancing of Warwick Finance Residential Mortgages Number One PLC, which closed in May 2015. It is a static RMBS transaction, which securitizes a portfolio of £563.3 million first-lien mortgage loans, both owner-occupied and buy-to-let (BTL), secured on properties in the U.K. Platform Funding Ltd. (PFL) and GMAC-RFC Ltd. (now called Paratus AMC Ltd.) originated the underlying loans in the securitized portfolio. The loans