pdf-articles Ratings /ratings/en/research/pdf-articles/210914-presale-verus-securitization-trust-2021-5-12110650 content esgSubNav

Presale: Verus Securitization Trust 2021-5

The preliminary ratings assigned to Verus Securitization Trust 2021-5's (Verus 2021-5) 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 transaction's geographic concentration; The mortgage aggregator, Invictus Capital Partners (Invictus); and The impact the COVID-19 pandemic will likely have on the performance of the mortgage borrowers in the pool and liquidity available in the transaction. Our rating analysis considers a transaction's potential exposure to ESG credit factors. For RMBS, we view the exposure to environmental credit factors as average, social credit factors as above average, and governance credit factors as below average (see "ESG Industry Report