The preliminary ratings assigned to CPS Auto Receivables Trust 2025-B's (CPSART 2025-B) automobile receivables-backed notes reflect: The availability of approximately 59.7%, 51.7%, 40.1%, and 32.2% of credit support (hard credit enhancement and haircut to excess spread) for the class A, B, C, and D notes, respectively, based on stressed cash flow scenarios. These credit support levels provide coverage of approximately 3.00x, 2.60x, 2.00x, and 1.55x of our 19.75% expected cumulative net loss (CNL) range for the class A, B, C, and D notes, respectively (see the Credit Enhancement And Collateral and the Cash Flow Modeling Assumptions And Results sections). The expectations that under a moderate ('BBB') stress scenario (1.55x our expected loss level), all else being equal, our preliminary 'AAA
