GCAT 2025-NQM1 Trust's issuance is an RMBS securitization backed by a pool of 764 first-lien, fixed- and adjustable-rate residential mortgage loans, including mortgage loans with initial interest-only periods, to prime and nonprime borrowers. The loans are secured by single-family residential properties, planned-unit developments, townhouses, condominiums, condotels, and two- to four-family residential properties. We assigned our ratings to the class A-1, A-2, A-3, M-1, B-1, and B-2 certificates. The ratings reflect our view of the transaction credit enhancement, associated structural mechanics, geographic concentration, and representation and warranty framework, among other factors. NEW YORK (S&P Global Ratings) May 2, 2025--S&P Global Ratings today assigned its ratings to GCAT 2025-NQM1 Trust's mortgage pass-through certificates (see list). The certificate issuance is an RMBS securitization
