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Presale: ALEN 2021-ACEN Mortgage Trust

The preliminary ratings assigned to ALEN 2021-ACEN Mortgage Trust's commercial mortgage pass-through certificates 2021-ACEN reflect S&P Global Ratings' view of the collateral's historic and projected performance, the sponsor's and manager's experience, the trustee-provided liquidity, the loan terms, and the transaction structure. We determined that the mortgage loan has a beginning and ending loan-to-value (LTV) ratio of 104.3%, based on S&P Global Ratings' value. S&P Global Ratings believes there remains high, albeit moderating, uncertainty about the evolution of the coronavirus pandemic and its economic effects.

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