pdf-articles Ratings /ratings/en/research/pdf-articles/200625-presale-bunker-hill-loan-depositary-trust-2020-1-11544855 content
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Presale: Bunker Hill Loan Depositary Trust 2020-1

The preliminary ratings assigned to Bunker Hill Depositary Trust 2020-1's (BHLD 2020-1's) mortgage-backed notes reflect our view of: The pool's collateral composition (see the Collateral Summary section below); The credit enhancement provided for this transaction; The transaction's associated structural mechanics; The transaction's representation and warranty (R&W) framework; The mortgage aggregator and originators; and The impact that the economic stress brought on by COVID-19 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 the transaction. S&P Global Ratings acknowledges a high degree of uncertainty about the evolution of