AVNHT 2026-HE1 Trust Certificates Assigned Preliminary Ratings

AVNHT 2026-HE1 Trust's issuance is an RMBS transaction backed by U.S. HELOC mortgage loans. We assigned our preliminary ratings to the class A-1A, A-1B, A-1, B, C, D, E, and F notes. The preliminary ratings reflect our view of the transaction's collateral composition, credit enhancement, and representation and warranty framework, among other factors. ENGLEWOOD (S&P Global Ratings) Oct. 15, 2026--S&P Global Ratings today assigned its preliminary ratings to AVNHT 2026-HE1 Trust 's mortgage-backed notes (see list). The note issuance is an RMBS transaction backed by a participation certificate representing a 100% beneficial ownership interest in a fixed pool of simple interest, fixed-rate, fully amortizing, closed-end home equity receivables that were created under a pool of home equity line of credit

...The preliminary ratings reflect our view of the transaction's collateral composition, credit enhancement, and representation and warranty framework, among other factors. ENGLEWOOD (S&P Global Ratings) Oct. 15, 2026--S&P Global Ratings today assigned its preliminary ratings to AVNHT 2026-HE1 Trust's mortgage-backed notes (see list). The note issuance is an RMBS transaction backed by a participation certificate representing a 100% beneficial ownership interest in a fixed pool of simple interest, fixed-rate, fully amortizing, closed-end home equity receivables that were created under a pool of home equity line of credit (HELOC) credit card accounts (also referred to as the Aven Simple Loans (ASLs) or the designated receivables). The accounts are all secured by first- or subordinate-lien mortgages on single- family residences, planned-unit developments, condominiums, townhouses, and two- to four- family residential properties. The pool comprises 6,786 draws (ASLs/designated receivables) from...

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