The preliminary ratings assigned to ACM Auto Trust 2025-2's (ACMAT 2025-2) automobile receivables-backed notes reflect: The availability of approximately 57.65% and 47.55% credit support (hard credit enhancement and haircut to excess spread) for the class A and B notes, respectively, based on stressed cash flow scenarios. These credit support levels provide at least 1.65x and 1.35x coverage of our expected cumulative net loss (ECNL) of 34.50% for the class A and B notes, respectively (see the Credit Enhancement And Collateral and the Cash Flow Modeling Assumptions And Results sections). The expectation that under a moderate ('BBB') stress scenario (1.35x our expected loss level), all else being equal, our preliminary 'A (sf)' and 'BBB (sf)' ratings on the class A and
