New Issue: Pepper Iberia Unsecured 2022 DAC

S&P Global Ratings assigned its credit ratings to Pepper Iberia Unsecured 2022 DAC's asset-backed floating-rate class A, B-Dfrd, C-Dfrd, D-Dfrd, and E-Dfrd notes. At closing, Pepper Iberia issued unrated class J notes. The class J notes is partially backed by assets (approximately 3.5% of the closing pool) and the proceeds of this class funds (i) part of the purchase of the initial portfolio; (ii) the reserve; (iii) the upfront premium due under the cap agreement; and (iv) issuer costs and expenses. This is Pepper Iberia's second ABS transaction in Spain. We rated its first transaction issued in 2019, Pepper Iberia Unsecured 2019 DAC. The underlying collateral comprises consumer loan receivables that are either point-of-sale (POS) or personal loans (PIL) granted

...Class Rating* Amount (mil. ) Available credit enhancement (%)º Interest Call option date Legal final maturity A ### (sf) 169.4 24.65 1ME + 0.68% November 2025 November 2032 B-Dfrd ## (sf) 15.4 17.65 1ME + 1.50% November 2025 November 2032 C-Dfrd A- (sf) 13.2 11.65 1ME + 2.00% November 2025 November 2032 D-Dfrd ### (sf) 9.9 7.15 1ME + 2.75% November 2025 November 2032 E-Dfrd ##+ (sf) 4.4 5.15 1ME + 4.94% November 2025 November 2032 J ## 15.1 N/A 7.00% November 2025 November 2032 *Our ratings address timely payment of interest and ultimate payment of principal on the class A notes and ultimate payment of interest and principal on the class B-Dfrd, C-Dfrd, D-Dfrd, and E-Dfrd notes. ºAvailable credit enhancement consists generally of subordination. A cash reserve is available to cover senior expenses and interest payments on the most senior class of notes. Any release of the cash reserve as it amortizes can be used to cure any debit amounts in the principal deficiency ledgers. The reserve is...

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