Santander Mortgage Asset Receivable Trust 2026-NQM9's issuance is an RMBS securitization backed by first-lien, fixed- and adjustable-rate, fully amortizing residential mortgage loans (some with interest-only periods) to both prime and nonprime borrowers. We assigned our preliminary ratings to the class A-1, A-1A, A-1B, A-1FCF, A-1LCF, A-2, A-3, M-1, B-1, and B-2 notes. The preliminary ratings reflect our view of the transaction's credit enhancement, associated structural mechanics, representation and warranty framework, and geographic concentration, among other factors. NEW YORK (S&P Global Ratings) Oct. 15, 2026--S&P Global Ratings today assigned its preliminary ratings to Santander Mortgage Asset Receivable Trust 2026-NQM9 's mortgage-backed notes (see list). The note issuance is an RMBS securitization backed by first-lien, fixed- and adjustable-rate, fully amortizing residential mortgage
