Morgan Stanley Residential Mortgage Loan Trust 2026-NQM12's 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 with a weighted average seasoning of four months. We assigned our preliminary ratings to the class A-1FCF, A-1LCF, A-1, A-1-A, A-1-B, A-2, A-3, M-1, B-1, and B-2 certificates. The preliminary ratings reflect our view of the transaction's collateral composition, credit enhancement, and representation and warranty framework, among other factors. NEW YORK (S&P Global Ratings) Oct. 23, 2026--S&P Global Ratings today assigned its preliminary ratings to Morgan Stanley Residential Mortgage Loan Trust 2026-NQM12's mortgage-backed certificates (see list). The certificate issuance is an RMBS transaction backed by first-lien, fixed-
