I recently wrote an article for the 'marketplace platform' publication 'Alt Fi News'. It concerned the first European P2P ABS which was rated by Moody's and S&P. In essence one of the institutional investors, KLS Diversified Master Fund, in the Funding Circle platform securitised £130 million of P2P SME loans. Coming on the heels of recent downgrades of similar asset classes in the US, the deal was relatively expensive to place, moreover the Aa3/BBB Class A notes were placed with the benefit of a EIF Guarantee.