S&P Global Ratings has assigned preliminary credit ratings to Trinity Square 2021-1 PLC's class A, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, F-Dfrd, G-Dfrd, and X-Dfrd U.K. RMBS notes. At closing, Trinity Square 2021-1 will also issue unrated classes H-Dfrd and Z notes and unrated S1, S2, and Y certificates. Trinity Square 2021-1 is a static RMBS transaction that securitizes a portfolio of £666 million owner-occupied and buy-to-let (BTL) mortgage loans secured on properties in the U.K. The transaction is a refinancing of the Trinity Square 2021-1 PLC transaction, which closed in March 2021 (see "New Issue: Trinity Square 2021-1 PLC," published on March 26, 2021). The original Trinity Square PLC 2021-1 transaction was a refinancing of the Trinity Square 2015-1 PLC and