...- We assigned our credit ratings to Pepper Iberia Unsecured 2022's class A, B-Dfrd, C-Dfrd, D-Dfrd, and E-Dfrd notes. - This will be Pepper Iberia's second ABS transaction in Spain. The underlying collateral comprises consumer loan receivables that are either point-of-sale (POS) or personal loans (PIL) granted to obligors in Spain. MADRID (S&P Global Ratings) May 9, 2022--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 also issued unrated class J notes. The class J notes are 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...
