GLS Auto Receivables Issuer Trust 2025-2'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) May 14, 2025--S&P Global Ratings today assigned its 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 ratings reflect our view of: The availability of approximately 56.19%, 47.58%, 37.36%, 28.70%, and 24.60% of credit support (hard credit enhancement and haircut to excess spread) for
