The preliminary ratings assigned to M&T Equipment (2025-LEAF1) LLC's receivables-backed notes reflect: The availability of 16.4% credit support to the class A notes (classes A-1, A-2, A-3, and A-4, collectively), based on stressed break-even cash flow scenarios. This credit support level provides coverage of approximately 7.82x the lower bound of our stressed cumulative net loss range of 2.10%-2.20% (see the S&P Global Ratings' Expected Loss section). Our expectation that, under our credit stability analysis, in a moderate stress ('BBB') scenario, all else being equal, the ratings on each of the class A notes will remain consistent with our credit stability criteria. Our expectation for the timely payment of periodic interest and principal by the final maturity date according to the
