M&T Equipment (2025-LEAF1) LLC's issuance is an ABS transaction backed by small- and middle-ticket equipment leases and loans and associated equipment. We assigned our preliminary ratings to the class A-1, A-2, A-3, and A-4 notes. The preliminary ratings reflect our view of the transaction's credit support, highly diversified collateral characteristics, and legal structure, among other factors. ENGLEWOOD (S&P Global Ratings) May 8, 2025--S&P Global Ratings today assigned its preliminary ratings to M&T Equipment (2025-LEAF1) LLC's receivables-backed notes (see list). The note issuance is an ABS transaction backed by small- and middle-ticket equipment leases and loans and associated equipment. The preliminary ratings are based on information as of May 8, 2025. Subsequent information may result in the assignment of final ratings
