Pepper Iberia Unsecured 2022 Spanish ABS Notes Assigned Preliminary Ratings

We assigned our preliminary 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) April 21, 2022--S&P Global Ratings assigned its preliminary 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 will also issue unrated class J notes. The class J notes will be partially backed by assets (approximately 3.5% of the closing pool) and the proceeds of this class will fund (i) part of the purchase

...- We assigned our preliminary 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) April 21, 2022--S&P Global Ratings assigned its preliminary 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 will also issue unrated class J notes. The class J notes will be partially backed by assets (approximately 3.5% of the closing pool) and the proceeds of this class will fund (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 will be Pepper Iberia's second ABS transaction in Spain. We rated its first...

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