ARI Fleet Lease Trust 2025-B's issuance is an ABS transaction backed by special unit of beneficial interest in lease contracts and underlying vehicles. We assigned our preliminary ratings to the class A-1, A-2, A-3, B, and C notes. The preliminary ratings reflect our view of the transaction's credit support, credit enhancement, and legal structure, among other factors. ENGLEWOOD (S&P Global Ratings) May 15, 2025--S&P Global Ratings today assigned its preliminary ratings to ARI Fleet Lease Trust 2025-B's asset-backed notes (see list). The note issuance is an ABS transaction backed by special unit of beneficial interest in lease contracts and underlying vehicles. The preliminary ratings are based on information as of May 15, 2025. Subsequent information may result in the assignment
