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Presale: Citigroup Mortgage Loan Trust 2020-EXP2

The preliminary ratings assigned to Citigroup Mortgage Loan Trust 2020-EXP2's (CMLTI 2020-EXP2's) $310.9 million mortgage pass-through certificates reflect our view of: The pool's collateral composition; The credit enhancement provided for this transaction; The transaction's associated structural mechanics; The representation and warranty (R&W) framework for this transaction; The mortgage aggregator, Citigroup Global Markets Realty Corp. (CGMRC); The geographic concentration; 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.