S&P Global Ratings has assigned credit ratings to Sage AR Funding 2025 No.1 PLC's class A1, A2, B, C, D, and E notes. At closing, Sage AR Funding 2025 No.1 also issued unrated class R notes. Sage AR Funding 2025 No.1 is a CMBS transaction backed by a loan secured on a portfolio of 2,123 social housing units located in England. The issuer used the proceeds of the note issuance to acquire the £270.0 million tranche A loan from the loan seller and to advance the £33.0 million tranche R loan to the borrower. The tranche R loan will rank junior to the tranche A loan. The tranche A loan and the tranche R loan are collectively referred to as