CLIP 2026-NQM2 Trust's issuance is an RMBS transaction backed by U.S. residential mortgage loans. We assigned our ratings to the class A-1FCF, A-1LCF, A-1A, A-1B, A-1, A-2, A-3, M-1, B-1, and B-2 notes. The ratings reflect our view of the transaction's collateral composition, credit enhancement, and associated structural mechanics, among other factors. NEW YORK (S&P Global Ratings) Nov. 4, 2026--S&P Global Ratings today assigned its ratings to CLIP 2026-NQM2 Trust's mortgage-backed notes (see list). The note issuance is an RMBS transaction backed by first-lien, fixed- and adjustable-rate, fully amortizing residential mortgage loans (some with interest-only periods) to prime and nonprime borrowers. The mortgage loans primarily have 30-year maturities. There are 41 loans with 40-year maturities and one loan with
