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Presale: BMO 2022-C3 Mortgage Trust

The preliminary ratings assigned to the BMO 2022-C3 Mortgage Trust's commercial mortgage pass-through certificates reflect the credit support provided by the transaction's structure, our view of the underlying collateral's economics, the trustee-provided liquidity, the collateral pool's relative diversity, and our overall qualitative assessment of the transaction. S&P Global Ratings determined that the collateral pool has, on a weighted average basis, debt service coverage (DSC) of 1.58x and beginning and ending loan-to-value (LTV) ratios of 89.5% and 86.9%, respectively, based on our values. 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