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Presale: J.P. Morgan Mortgage Trust 2020-9

The preliminary ratings assigned to J.P. Morgan Mortgage Trust 2020-9's (JPMMT 2020-9) $310.92 million mortgage pass-through certificates reflect our view of: The high-quality collateral in the pool (see the Collateral Summary section below); The available credit enhancement; The transaction's associated structural mechanics; The representation and warranty framework (R&W) for this transaction; The geographic concentration; The experienced aggregator; The 100% due diligence results consistent with represented loan characteristics; and The impact that the economic stress brought on by the COVID-19 pandemic 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