Saluda Grade Alternative Mortgage Trust 2025-LOC4: Credit Rating Report

Ratings

• Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  14-Jul-25	Asset-Backed Securities, Series 2025-LOC4, Class A-1A	AAA (sf)	--	Provis.-Final	US
  14-Jul-25	Asset-Backed Securities, Series 2025-LOC4, Class A-1B	AAA (sf)	--	Provis.-Final	US
  14-Jul-25	Asset-Backed Securities, Series 2025-LOC4, Class M-1	AA (low) (sf)	--	Provis.-Final	US
  14-Jul-25	Asset-Backed Securities, Series 2025-LOC4, Class M-2	A (low) (sf)	--	Provis.-Final	US
  14-Jul-25	Asset-Backed Securities, Series 2025-LOC4, Class M-3	BBB (low) (sf)	--	Provis.-Final	US
  14-Jul-25	Asset-Backed Securities, Series 2025-LOC4, Class B-1	BB (low) (sf)	--	Provis.-Final	US
  14-Jul-25	Asset-Backed Securities, Series 2025-LOC4, Class B-2	B (low) (sf)	--	Provis.-Final	US

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