New Issue: Red&Black Auto Germany 9 UG (Haftungsbeschränkt)

S&P Global Ratings has assigned its credit ratings to Red&Black Auto Germany 9 UG (haftungsbeschrankt)'s (Red&Black Auto 9) asset-backed floating-rate class A, B, C, and D notes. At closing, Red&Black Auto 9 also issued unrated class E notes. This is Bank Deutsches Kraftfahrzeuggewerbe GmbH's (BDK's) ninth German publicly placed ABS transaction. The underlying collateral comprises German loan receivables for new, used, and newly used cars. BDK originated and granted the loans to its private customers. Of the pool, 69.92% of the current principal balance on contracts amortize with a final balloon payment. The transaction amortizes from closing and has separate interest and principal waterfalls. The interest waterfall features a principal deficiency ledger mechanism, by

... posting trigger The Bank of New York Mellon, Frankfurt Branch as bank account provider ##-/Stable/A-1+º A/A-1* N/A The Bank of New York Mellon, internal dependency ¡ bank branch parent ##-/Stable/A-1+ A/A-1* N/A DZ BANK AG as swap counterparty A+/Stable/A-1 A- A- Societe Generale S.A. as credit support provider A/Stable/A-1 ### N/A *'A+' if there is no short-term rating assigned by S&P Global Ratings. ºRating on the bank branch parent. Funding trigger for commingling and setoff reserve. N/A--Not applicable....

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