The preliminary ratings assigned to the BANK5 2023-5YR1 Commercial 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 1.62x, and beginning and ending loan-to-value (LTV) ratios of 80.8% and 80.0%, 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, to social credit factors as average, and to governance credit factors as