New Issue: SCF Rahoituspalvelut XI DAC

S&P Global Ratings has assigned its credit ratings to SCF Rahoituspalvelut XI DAC's asset-backed floating-rate class A, B, and C-Dfrd notes. At closing, SCF Rahoituspalvelut XI also issued unrated asset-backed class D notes. This is Santander Consumer Finance Oy's (SCF Oy) 11th publicly rated ABS transaction and the third we have rated after SCF Rahoituspalvelut X DAC in 2021. The underlying collateral comprises Finnish loan receivables for primarily cars and a smaller proportion of light commercial vehicles, motorbikes, caravans, and campers. SCF Oy originated and granted the loans to its private and commercial retail customers. Of the current principal balance of the loans in the pool, 65.0% amortize with a final balloon payment. Like its predecessor transaction, SCF Rahoituspalvelut XI

...Class Rating* Amount (mil. ) Available credit enhancement (%)º Interest Legal final maturity A ### (sf) 496.7 9.7 1mE + 0.6% June 25, 2032 B ##+ (sf) 8.0 8.2 1mE + 1.9% June 25, 2032 C-Dfrd ### (sf) 3.0 7.7 1mE + 3.75% June 25, 2032 D ## 42.3 1mE + 8.0% June 25, 2032 *Our ratings address timely payment of interest and ultimate payment of principal on the class A and B notes and ultimate payment of interest and principal on the class C notes. ºAvailable credit enhancement consists of subordination on the class A, B, and C notes. We have not included the liquidity reserve in the available credit enhancement calculation, even though excess reserve amounts can be used to cure principal deficiency ledgers (according to the interest waterfall) thus providing credit enhancement. ##--Not rated. 1mE--One-month Euro Interbank Offered Rate....

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