S&P Global Ratings has assigned credit ratings to Pine Finance 2025-1 DAC's class A, B, and C notes. The transaction is backed by one loan, which Citibank, N.A. London Branch originated in April 2025 to facilitate the refinancing of the Aldgate Tower office building located in the City of London. The senior loan backing this true sale transaction has a principal amount of £115.7 million. The loan has a five-year term with no extension options. There is no additional debt in the transaction. The loan does not provide for default financial covenants prior to the PCC date, being the first date on which Brookfield Corporation and its affiliates do not hold, directly or indirectly, at least 10% of the issued