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Presale: Arroyo Mortgage Trust 2020-1

The preliminary ratings assigned to Arroyo Mortgage Trust 2020-1's (ARRW 2020-1's) mortgage-backed notes reflect our view of: The pool's collateral composition (see the Collateral Summary section below); The transaction's credit enhancement; The transaction's associated structural mechanics; The transaction's representation and warranty (R&W) framework; The geographic concentration; The mortgage aggregator, Western Asset Management Co. LLC (Western Asset) as investment manager for Western Asset Mortgage Capital Corp; and The impact that the economic stress brought on by the COVID-19 virus is likely to have on the performance of the mortgage borrowers in the pool (for additional information see "S&P Global Ratings Is Assessing The Impact Of COVID-19 On Mortgage Market Outlooks For Global RMBS," published April 17, 2020) and liquidity available in