Paragon Mortgages is working on the first U.K. buy-to-let transaction of 2013.

Standard & Poor’s has assigned preliminary ratings on the deal. The tranches have not been sized yet but the structure will include a ‘AAA’-rated, class A notes; ‘AA’-rated, class B notes; ‘A’-rated class C notes; and class D notes that have not been rated by S&P.

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