The preliminary ratings assigned to Bridgecrest Lending Auto Securitization Trust 2025-2's (BLAST 2025-2) automobile receivables-backed notes reflect: The availability of approximately 64.69%, 59.33%, 50.30%, 38.27%, and 34.26% credit support (hard credit enhancement and a haircut to excess spread) for the class A (A-1, A-2, and A-3, collectively), B, C, D, and E notes, respectively, based on stressed break-even cash flow scenarios. These credit support levels provide at least 2.30x, 2.10x, 1.70x, 1.37x, and 1.25x coverage of our expected cumulative net loss (ECNL) of 27.00% for the class A, B, C, D, and E notes, respectively (see the Credit Enhancement And Collateral and the Cash Flow Modeling Assumptions And Results sections below). The expectation that under a moderate ('BBB') stress scenario
