U.K. buy-to-let lender Paragon Mortgages is planning its second securitization of this year, a £350 million ($598 million) transaction backed by a portfolio of buy-to-let mortgages.

Moody's Investors Service has assigned the class A notes issued by Paragon Mortgages (No. 20) a preliminary rating of ‘Aaa’ and the class B notes a preliminary rating of ‘Aa1’. The capital structure also features a tranche of class D notes that have not been rated by Moody’s. All of the notes are due in 2041.

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