GLS Auto Receivables Issuer Trust 2025-2's issuance is an ABS transaction backed by subprime auto loan receivables. We assigned our preliminary ratings to the class A-1, A-2, A-3, B, C, D, and E notes. The preliminary 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) May 5, 2025--S&P Global Ratings today assigned its preliminary ratings to GLS Auto Receivables Issuer Trust 2025-2's automobile receivables-backed notes (see list). The note issuance is an ABS transaction backed by subprime auto loan receivables. The preliminary ratings are based on information as of May 5, 2025. Subsequent information may result in the assignment of final ratings that differ from
