GLS Auto Receivables Issuer Trust 2021-4 Notes Assigned Ratings

GLS Auto Receivables Issuer Trust 2021-4's issuance is an ABS transaction backed by subprime auto loan receivables. We assigned our ratings to the class A, B, C, D, and E notes. The 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. 17, 2021--S&P Global Ratings today assigned its 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 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 stressed cash

...- GLS Auto Receivables Issuer Trust 2021-4's issuance is an ABS transaction backed by subprime auto loan receivables. - We assigned our ratings to the class A, B, C, D, and E notes. - The 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. 17, 2021--S&P Global Ratings today assigned its 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 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 stressed cash flow scenarios (including excess spread). These credit support levels provide coverage of approximately 3.25x, 2.75x, 2.15x, 1.55x, and 1.27x our 16.25%-17.25% expected cumulative net loss for the class A, B, C,...

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