...- Exeter Select Automobile Receivables Trust 2025-1's issuance is an ABS transaction backed by subprime auto loan receivables. - We assigned our ratings to the class A-1, A-2, A-3, B, C, D, and E notes. - The ratings reflect our view of the transaction's credit support, collateral characteristics, and payment and legal structures, among other factors. NEW YORK (S&P Global Ratings) April 23, 2025--S&P Global Ratings today assigned its ratings to Exeter Select Automobile Receivables Trust 2025-1's automobile receivables-backed notes (see list). The note issuance is an ABS transaction backed by subprime auto loan receivables. The ratings reflect: - The availability of approximately 42.11%, 36.07%, 27.69%, 21.05%, and 18.13% credit support (hard credit enhancement and haircut to excess spread) for the class A (classes A-1, A-2, and A-3, collectively), B, C, D, and E notes, respectively, based on stressed cash flow scenarios. These credit support levels provide at least 3.50x, 3.00x, 2.30x,...
