We reviewed ABPCI Private Funding I LLC, which, based on its proposed supplemental indenture, is expected to upsize by issuing proposed new class A-D1-B and A-D2-B debt and subordinated B notes on Nov. 19, 2026. After analyzing the changes to the transaction, we assigned our preliminary ratings to the proposed new class A-D1-B and A-D2-B debt. The class A-D1-B and A-D2-B debt and subordinated B notes funding levels are expected to be approximately 68% of their maximum issuance amounts. The preliminary ratings reflect our view of the credit support available to the refinanced debt after examining the transaction's new capital structure and payment mechanics. TORONTO (S&P Global Ratings) Nov. 3, 2026--S&P Global Ratings today assigned its preliminary ratings to the
