S&P Global Ratings has assigned ratings to Merrion Square Residential 2024-1 DAC's (Merrion Square 2024-1) class A to F-Dfrd Irish RMBS notes. At closing, the transaction also issued unrated class RFN, Z1-Dfrd, Z2-Dfrd, S, and X notes. Merrion Square 2024-1 is a static RMBS transaction that securitizes a portfolio of loans totaling €637.5 million. The portfolio consists of performing and reperforming owner-occupied and buy-to-let mortgage loans secured over residential properties in Ireland. The securitization comprises assets previously contained in the RMBS transaction Primrose Residential 2021-1 DAC, which were earlier securitized in two different RMBS transactions, ERLS 2019 PL1 and Grand Canal Securities 1 (GCS1). They aggregate assets from three Irish originators. The loans were mostly originated between 2003 and 2009