GLS Auto Receivables Issuer Trust 2026-4's issuance is an ABS securitization 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 available credit support; potential exposure to environmental, social, and governance factors; and payment and legal structures, among other factors. TORONTO (S&P Global Ratings) Nov. 2, 2026--S&P Global Ratings today assigned its preliminary ratings to GLS Auto Receivables Issuer Trust 2026-4's (GCAR 2026-4's) automobile receivables-backed notes (see list). The note issuance is an ABS securitization backed by subprime auto loan receivables. The preliminary ratings are based on information as of Nov. 2, 2026. Subsequent information may result
