OVERVIEW Arroyo Mortgage Trust 2019-1's issuance is an RMBS transaction backed by first-lien, fixed- and adjustable-rate, fully amortizing residential mortgage loans (some with interest-only periods) secured by single-family residential properties, planned-unit developments, condominiums, cooperatives, and two- to four-family residential properties to both prime and nonprime borrowers. The loans are primarily non-qualified 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) Feb. 14, 2019--S&P Global Ratings today assigned its preliminary ratings to Arroyo Mortgage Trust 2019-1's mortgage pass-through notes (see list). The note
