The preliminary ratings assigned to SG Residential Mortgage Trust 2022-1's (SGR 2022-1) residential mortgage pass-through certificates reflect our view of: The pool's collateral composition (see the Collateral Summary section below); The credit enhancement provided for this transaction; The transaction's associated structural mechanics; The transaction's representation and warranty (R&W) framework; and The mortgage aggregator, SG Capital Partners LLC (SG Capital), and the mortgage originator, SG Capital doing business as ClearEdge Lending; and The impact the COVID-19 pandemic will likely have on the performance of the mortgage borrowers in the pool (see "Economic Outlook U.S. Q1 2022: Cruising At A Lower Altitude," published Nov. 29, 2021). Our rating analysis considers a transaction's potential exposure to ESG credit factors. For RMBS, we view