<div id="readability-page-1"><div>Fitch Ratings-New York-12 December 2025:Fitch Ratings has assigned final ratings to the residential mortgage-backed notes to be issued by Citigroup Mortgage Loan Trust 2025-LTV1 (CMLTI 2025-LTV1).CMLTI 2025-LTV1----A-1A ; Long Term Rating; New Rating; AAAsf; Rating Outlook Stable----A-1B ; Long Term Rating; New Rating; AAAsf; Rating Outlook Stable----A-1 ; Long Term Rating; New Rating; AAAsf; Rating Outlook Stable----A-2 ; Long Term Rating; New Rating; AA-sf; Rating Outlook Stable----A-3 ; Long Term Rating; New Rating; A-sf; Rating Outlook Stable----M-1 ; Long Term Rating; New Rating; BBB-sf; Rating Outlook Stable----B-1 ; Long Term Rating; New Rating; BB-sf; Rating Outlook Stable----B-2 ; Long Term Rating; New Rating; B-sf; Rating Outlook Stable----B-3 ; Long Term Rating; New Rating; NRsf----XS ; Long Term Rating; New Rating; NRsf----PT ; Long Term Rating; New Rating; NRsf----R ; Long Term Rating; New Rating; NRsfTransaction SummaryFitch has assigned final ratings to the residential mortgage-backed notes to be issued by Citigroup Mortgage Loan Trust 2025-LTV1 (CMLTI 2025-LTV1) as indicated above. The transaction is expected to close on Dec. 12, 2025. The certificates are supported by 827 loans with a total balance of about $365.0 million as of the cutoff date of Nov. 1, 2025. The borrowers have a weighted-average (WA) Fitch FICO of 763, as determined by Fitch, and a current mark-to-market (MtM) combined loan-to-value ratio (cLTV) of 82.7%.Distributions of principal and interest (P&amp;I) and loss allocations are based on a modified sequential-payment structure. The transaction has a full advance feature for first lien loans where the P&amp;I advancing party will advance delinquent P&amp;I until deemed non-recoverable.There were no changes to the collateral since the presale. The structure was updated post-pricing and the coupons for A-1A, A-1B, A-1, A-2, A-3, M-1 and B-1 classes decreased approximately between 5bps-10bps, which increased the weighted average excess spread to 191bps, a 20bps increase from the previous WA excess spread of 181bps. Fitch re-ran its cash flow analysis and confirmed no changes from its expected rating.KEY RATING DRIVERSCredit Risk of Mortgage Assets: RMBS transactions are directly affected by the performance of the underlying residential mortgages or mortgage-related assets. Fitch analyzes loan-level attributes and macroeconomic factors to assess the credit risk and expected losses. CMLTI 2025-LTV1 has a final probability of default (PD) of 22.0% in the 'AAAsf' rating stress. Fitch's final loss severity (LS) in the 'AAAsf' rating stress is 50.2%. The expected loss in the 'AAAsf' rating stress is 11.0% (see Highlights and Asset Analysis sections for more details).Structural Analysis: The mortgage cash flow and loss allocation in CMLTI 2025-LTV1 are based on a modified sequential-payment structure with full advancing, whereby principal is distributed pro rata among the senior notes while shutting out the subordinate bonds from principal until all senior classes are reduced to zero. If a cumulative loss trigger event or delinquency trigger event occurs in a given period, principal will be distributed sequentially.Fitch analyzes the capital structure to determine the adequacy of the transaction's credit enhancement (CE) to support payments on the securities under multiple scenarios incorporating Fitch's loss projections derived from the asset analysis. Fitch applies its assumptions for defaults, prepayments, delinquencies and interest rate scenarios (see Highlights and Cash Flow Analysis sections for more details).Operational Risk Analysis: Fitch considers originator and servicer capability, third-party due diligence results, and the transaction-specific representation, warranty and enforcement (RW&amp;E) framework to derive a potential operational risk adjustment. The only consideration that has a direct impact on Fitch's loss expectations is due diligence. Third-party due diligence was performed on 100.0% of the loans in the transaction by loan count. Fitch applies a 5bp z-score reduction for loans fully reviewed by a third-party review (TPR) firm, which have a final grade of either 'A' or 'B'.Counterparty and Legal Analysis: Fitch expects all relevant transaction parties to conform with the requirements described in its &#34;Global Structured Finance Rating Criteria.&#34; Relevant parties are those whose failure to perform could have a material impact on the performance of the transaction. Additionally, all legal requirements should be satisfied to fully de-link the transaction from any other entities. Fitch expects CMLTI 2025-LTV1 to be fully de-linked and a bankruptcy-remote, special-purpose vehicle (SPV) at closing. All transaction parties and triggers align with Fitch's expectations.Rating Cap Analysis: Common rating caps in U.S. RMBS may include, but are not limited to, new product types with limited or volatile historical data and transactions with weak operational or structural/counterparty features. These considerations do not apply to CMLTI 2025-LTV1. Therefore, Fitch is comfortable assigning the highest possible rating of 'AAAsf' without any rating caps.RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/DowngradeFitch incorporates a sensitivity analysis to demonstrate how the ratings would react to steeper market value declines (MVDs) than assumed at the metropolitan statistical area level. Sensitivity analysis was conducted at the state and national levels to assess the effect of higher MVDs for the subject pool as well as lower MVDs, illustrated by a gain in home prices.The defined negative rating sensitivity analysis demonstrates how the ratings would react to steeper MVDs at the national level. The analysis assumes MVDs of 10%, 20% and 30%, in addition to the model-projected 37.7% at 'AAAsf'. The analysis indicates there is some potential rating migration with higher MVDs compared to the model projection. Specifically, a 10% additional decline in home prices would lower all rated classes by one full category.Factors that Could, Individually or Collectively, Lead to Positive Rating Action/UpgradeFitch incorporates a sensitivity analysis to demonstrate how the ratings would react to steeper MVDs than assumed at the MSA level. Sensitivity analysis was conducted at the state and national levels to assess the effect of higher MVDs for the subject pool as well as lower MVDs, illustrated by a gain in home prices.This defined positive rating sensitivity analysis demonstrates how the ratings would react to positive home price growth of 10% with no assumed overvaluation. Excluding the senior class, which is already rated 'AAAsf', the analysis indicates there is potential positive rating migration for all the rated classes. Specifically, a 10% gain in home prices would result in a full category upgrade for the rated class, excluding those assigned ratings of 'AAAsf'.USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as prepared by SitusAMC. The third-party due diligence described in Form 15E focused on credit, compliance, and property valuation review. Fitch considered this information in its analysis and, as a result, Fitch made the following adjustment to its analysis: a 5% credit at the loan level for each loan where satisfactory due diligence was completed.REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The principal sources of information used in the analysis are described in the Applicable Criteria. REPRESENTATIONS, WARRANTIES AND ENFORCEMENT MECHANISMS A description of the transaction's representations, warranties and enforcement mechanisms (RW&amp;Es) that are disclosed in the offering document and which relate to the underlying asset pool is available by clicking the link to the Appendix. The appendix also contains a comparison of these RW&amp;Es to those Fitch considers typical for the asset class as detailed in the Special Report titled 'Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions'.ESG ConsiderationsThe highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visit https://www.fitchratings.com/topics/esg/products#esg-relevance-scores.Contacts:Primary Rating AnalystDan Potter,Associate Director+1 212 908 0228daniel.potter@fitchratings.comFitch Ratings, Inc.Hearst Tower 300 W. 57th StreetNew York, NY 10019Secondary Rating AnalystAbhishek Shah,Associate Director+1 646 582 4998abhishek.shah@fitchratings.comSurveillance Rating AnalystStephen Megos,Associate Director+1 212 908 0370stephen.megos@fitchratings.comFitch Ratings, Inc.Hearst Tower 300 W. 57th StreetNew York, NY 10019Committee ChairpersonRyan O'Loughlin,Senior Director+1 212 908 0387ryan.oloughlin@fitchratings.comMEDIA RELATIONS: Anne Wilhelm, New York, Tel: +1 212 908 0334, Email: anne.wilhelm@thefitchgroup.comAdditional information is available on www.fitchratings.comApplicable ModelNumbers in parentheses accompanying applicable model(s) contain hyperlinks to criteria providing description of model(s).U.S. RMBS Cash Flow Assumptions Model, v3.1.0 (1)U.S. RMBS Ratings Model, v1.2.0 (1)Third-party Model(01 October 2025)Read More On This TopicCitigroup Mortgage Loan Trust 2025-LTV1 - Representations &amp; WarrantiesCitigroup Mortgage Loan Trust 2025-LTV1 (US RMBS)ADDITIONAL DISCLOSURESDodd-Frank Rating Information Disclosure FormABS Due Diligence Form 15E 1Solicitation StatusAdditional Disclosures For Unsolicited Credit RatingsEndorsement StatusEndorsement PolicyALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 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Fitch Ratings has assigned final ratings to Citigroup Mortgage Loan Trust 2025-LTV1's residential mortgage-backed notes. The ratings range from AAAsf to NRsf, with a stable outlook. The transaction involves 827 loans totaling $365 million, with a weighted-average FICO score of 763 and a loan-to-value ratio of 82.7%. The structure includes a modified sequential-payment system and full advance feature for first lien loans. Fitch's analysis covers credit risk, structural, operational, counterparty, and legal aspects, confirming no rating caps.

Fitch Assigns Final Ratings to Citigroup Mortgage Loan Trust 2025-LTV1