We reviewed our ratings on 31 classes from five U.S. RMBS non-qualified mortgage transactions issued between 2019 and 2022. Of the 31 ratings, we raised 10 and affirmed 21. The rating actions reflect transaction-specific performance or structural characteristics (or both) and their potential effects on the individual classes. TORONTO (S&P Global Ratings) Nov. 7, 2025--S&P Global Ratings today completed its review of the ratings on 31 classes from five U.S. RMBS non-qualified mortgage transactions issued between 2019 and 2022. The review yielded 10 upgrades and 21 affirmations (see ratings list). For each transaction, we performed a credit analysis for each mortgage pool using updated loan-level information from which we determined foreclosure frequency, loss severity, and loss coverage amounts commensurate with
