Press Release|RMBS
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KBRA Assigns Preliminary Ratings to GS Mortgage-Backed Securities Trust 2025-CES2 (GSMBS 2025-CES2)

24 Sep 2025   |   New York

Contacts

KBRA assigns preliminary ratings to 6 classes of mortgage-backed notes from GS Mortgage-Backed Securities Trust 2025-CES2 (GSMBS 2025-CES2), a $296.5 million RMBS transaction sponsored by Goldman Sachs Mortgage Company, entirely of closed-end second lien mortgages (CES; 100.0%). The underlying pool is seasoned approximately 12 months and comprises 4,157 loans, with AmeriSave Mortgage Corporation (34.4%) as the largest contributing originator. The collateral is characterized mostly by fully amortizing, fixed-rate mortgages (FRMs) with 10-year (4.9%), 20-year (61.3%) and 30-year (33.7%) terms.

The GSMBS 2025-CES2 deal structure incorporates excess spread along with a sequential interest and principal payment waterfall. Losses will be allocated reverse sequentially beginning with the Class B-3 Notes through to the Class A-1 Notes.

To access ratings and relevant documents, click here.

Click here to view the report.

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Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

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