Porsche Innovative Lease Owner Trust 2025-1's issuance is an ABS securitization backed by prime auto lease receivables. We assigned our preliminary ratings to the class A-1, A-2a/A-2b, A-3, and A-4 notes. The preliminary ratings reflect our view of the transaction's credit support and legal structures, among other factors. ENGLEWOOD (S&P Global Ratings) May 8, 2025--S&P Global Ratings today assigned its preliminary ratings to Porsche Innovative Lease Owner Trust 2025-1's (PILOT 2025-1) series 2025-1 asset-backed notes (see list). The note issuance is an ABS securitization backed by prime auto lease receivables. The preliminary ratings are based on information as of May 8, 2025. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. The preliminary
