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Presale: PRKCM 2021-AFC1 Trust

The preliminary ratings assigned to PRKCM 2021-AFC1 Trust's mortgage pass-through notes reflect our view of: The pool's collateral composition (see the Collateral Summary section below); The transaction's credit enhancement, associated structural mechanics, representation and warranty (R&W) framework, and geographic concentration; The mortgage originator, AmWest Funding Corp. (AmWest); and The impact the COVID-19 pandemic will likely have on the performance of the mortgage borrowers in the pool and the 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 Card: Residential Mortgage-Backed Securities," published March