S&P Global Ratings assigned its credit ratings to Kinbane 2024-RPL 1 DAC's (Kinbane's) class A, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, and F-Dfrd notes. At closing, Kinbane also issued unrated class RFN and Z notes. Our ratings address the timely payment of interest and the ultimate payment of principal on the class A notes. Our ratings on the class B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, and F-Dfrd notes address the ultimate payment of interest and principal on these notes. The class B-Dfrd to F-Dfrd notes can continue to defer interest even when they become the most senior class outstanding. Interest will accrue on any deferred interest amounts at the respective note rate. Our ratings on the class E-Dfrd and F-Dfrd notes also address the