The rated A1, A2 and A3 loan debentures have been redeemed in full.

Scope Ratings has reviewed the performance of Griffon Funding Ltd., a true-sale cash securitisation of commercial real estate loans originated by Barclays Bank PLC.

Scope Ratings has published its final CRE Security and CMBS Rating Methodology which may have a rating impact to rated instruments on Griffon Funding Ltd.

Scope Ratings has reviewed the performance of Griffon Funding Ltd., a true-sale cash securitisation of commercial real estate loans originated by Barclays Bank PLC.

GBP 3,030.9m affected • Portfolio loan amendments do not negatively affect the credit quality of the outstanding rated instruments.

GBP 3,509m is affected. Portfolio additions and the restructuring of the transaction do not negatively affect the credit quality of the outstanding rated instruments; ratings of the B1 and B2 notes withdrawn.

GBP 74.6m of debt affected

Scope Ratings has upgraded the A2 and A3 loan debentures issued by Griffon Funding Ltd and affirmed its other rated instruments.

Scope Ratings has downgraded the A2, A3 and B1 tranches issued by Griffon Funding Ltd. Other tranches are affirmed. The rating actions follow the amendment of the transaction’s terms and conditions which results in increased loss volatility.

Scope publishes the detailed report on the ratings assigned to Griffon Funding Ltd, a EUR 2.43bn true-sale securitisation of 57 commercial real estate loans originated by Barclays Bank PLC (A+/S-1/Stable) in the UK. The closing date is 26 September 2016.