The preliminary ratings assigned to FCCU Auto Receivables Trust 2025-1's (FCCU 2025-1) asset-backed notes reflect our view of: The availability of approximately 11.92%, 9.05%, 6.55%, and 5.29% credit support (hard credit enhancement and haircut to excess spread) for the class A (classes A-1, A-2, A-3, and A-4, collectively), B, C, and D notes, respectively, based on our stressed cash flow scenarios. These credit support levels provide coverage of at least 5.0x, 4.0x, 3.0x, and 2.0x our 1.85% expected cumulative net loss (ECNL) 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). Our expectation that under a moderate ('BBB') stress scenario (2.0x our expected loss
