AVNHT 2026-HE1 Trust's issuance is an RMBS transaction backed by U.S. HELOC mortgage loans. We assigned our ratings to the class A-1A, A-1B, A-1, B, C, D, E, and F notes. The 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. 30, 2026--S&P Global Ratings today assigned its 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
