The preliminary ratings assigned to Mercedes-Benz Auto Lease Trust 2025-A's (MBALT 2025-A's) asset-backed notes reflect: The availability of approximately 20.1% credit enhancement, based on our stressed cash flow scenarios, in the form of 11.50% overcollateralization, growing to a target of 13.00%; a 0.25% non-amortizing reserve account; and pre-pricing excess spread of 5.18%(all percentages are expressed as a percentage of the pool's initial securitization value); The credit quality of the underlying collateral, which consists of prime auto lease receivables that have a weighted average FICO score of 787 (786 if upsize); Our expectation that under a moderate ('BBB') stress scenario (2.0x our expected loss level), all else being equal, our preliminary 'AAA (sf)' ratings on the class A notes are consistent
