The preliminary ratings assigned to Porsche Innovative Lease Owner Trust 2025-1's (PILOT 2025-1) series 2025-1 asset-backed notes reflect: The availability of approximately 22.0% credit support for the class A notes (classes A-1, A-2a/A-2b, A-3, and A-4, collectively) based on our stressed cash flow scenarios, in the form of 13.00% initial overcollateralization that grows to and remains at 14.00% as a percentage of the initial aggregate securitization value, a nonamortizing reserve account amount of 0.25% of the initial aggregate securitization value, and excess spread. Our expectation that under a moderate ('BBB') stress scenario, all else being equal, our preliminary 'AAA (sf)' ratings on the class A notes are consistent with the credit stability limits specified in section A.4 of "S&P Global
