London, 27 December 2019 – ARC Ratings, S.A. (ARC) puts the final, public ‘AAA(sf)’ rating accorded to the Class A1 & A2 Notes and ‘A(sf)’ rating accorded to the Class B1 & B2 Notes, both with stable outlooks, issued by PAF Securitisation No.1 PLC on 27 December 2018, under review. This is to allow ARC further time to conclude its rating process as part of the annual review. This review is to be finalised by 27 February 2020.