OVERVIEW Arroyo Mortgage Trust 2018-2's issuance is an RMBS transaction backed by first-lien, fixed- and adjustable-rate, fully amortizing residential mortgage loans. We assigned our preliminary ratings to the class A-1, A-2, A-3, M-1, B-1, and B-2 notes. The preliminary ratings reflect our view of the transaction's collateral composition, credit enhancement, associated structural mechanics, and representation and warranty framework, among other factors. NEW YORK (S&P Global Ratings) Nov. 5, 2018--S&P Global Ratings today assigned its preliminary ratings to Arroyo Mortgage Trust 2018-2's mortgage pass-through notes (see list). The note issuance is a residential mortgage-backed securities transaction backed by first-lien, fixed- and adjustable-rate, fully amortizing residential mortgage loans. The preliminary ratings are based on information as of Nov. 5, 2018. Subsequent information
