GCAT 2025-NQM2 Trust's issuance is an RMBS securitization backed by a pool of 810 first-lien, fixed- and adjustable-rate residential mortgage loans, including mortgage loans with initial interest-only periods, to prime and nonprime borrowers. We assigned our preliminary ratings to the class A-1A, A-1B, A-1, A-2, A-3, M-1, B-1, and B-2 certificates. The preliminary ratings reflect our view of the transaction credit enhancement, associated structural mechanics, geographic concentration, and representation and warranty framework, among other factors. TORONTO (S&P Global Ratings) May 21, 2025--S&P Global Ratings today assigned its preliminary ratings to GCAT 2025-NQM2 Trust's mortgage pass-through certificates (see list). The certificate issuance is an RMBS securitization backed by first-lien and fixed- and adjustable-rate residential mortgage loans, some with interest-only periods. The
