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Presale: Citigroup Commercial Mortgage Trust 2021-KEYS

The preliminary ratings assigned to Citigroup Commercial Mortgage Trust 2021-KEYS's (CGCMT 2021-KEYS) commercial mortgage pass-through certificates reflect S&P Global Ratings' view of the collateral's historical and projected performance, the experience of the sponsor and the manager, the trustee-provided liquidity, the mortgage loan terms, and the transaction's structure. We determined that the trust loan has a beginning and ending loan-to-value (LTV) ratio of 125.4%, based on our value of the property backing the transaction. Our rating analysis considers a transaction's potential exposure to ESG credit factors. For CMBS, we view the exposure to environmental credit factors as above average, social credit factors as average, and governance credit factors as average (see ESG Industry Report Card: Commercial Mortgage-Backed Securities," published March 31,