S&P Global Ratings has identified a criteria misapplication in how we derived our credit ratings on Sixteenth Mortgage-Backed Notes Trust and La Hipotecaria Panamanian Mortgage Trust's series 2021-1, specifically regarding the treatment of Panama’s interest rate subsidies. After reviewing the transactions to correct the criteria misapplication, we affirmed our ratings on Sixteenth Mortgage-Backed Notes Trust's series A, B, and C notes and on La Hipotecaria Panamanian Mortgage Trust's series 2021-1 certificates. The ratings reflect our view that the credit enhancement for each series is sufficient to withstand the stress scenarios, and that operational, legal, and counterparty risks remain consistent with our current ratings. In this review we also incorporated our revised assumptions for the Panamanian mortgage market. Sao Paulo (S&P
