...- GLS Auto Receivables Issuer Trust 2021-4's issuance is an ABS transaction backed by subprime auto loan receivables. - We assigned our preliminary ratings to the class A, B, C, D, and E notes. - The preliminary ratings reflect our view of the transaction's credit support, collateral characteristics, and credit enhancement, among other factors. NEW YORK (S&P Global Ratings) Dec. 2, 2021--S&P Global Ratings today assigned its preliminary ratings to GLS Auto Receivables Issuer Trust 2021-4's automobile receivables-backed notes series 2021-4 (see list). The note issuance is an ABS transaction backed by subprime auto loan receivables. The preliminary ratings are based on information as of Dec. 2, 2021. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. The preliminary ratings reflect: - The availability of approximately 54.8%, 46.8%, 37.0%, 27.3%, and 22.8% credit support for the class A, B, C, D, and E notes, respectively, based on...
