The preliminary ratings assigned to STWD 2021-HTS Mortgage Trust's (STWD 2021-HTS) commercial mortgage pass-through certificates reflect S&P Global Ratings' view of the collateral's historical and projected performance, the experience of the sponsors and the manager, the trustee-provided liquidity, the mortgage and mezzanine loan terms, and the transaction's structure. We determined that the trust loans have a beginning and ending loan-to-value (LTV) ratio of 108.9%, based on our value of the properties 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