The preliminary ratings assigned to Westlake Automobile Receivables Trust 2025-P1's (WLAKE 2025-P1) automobile receivables-backed notes reflect: The availability of approximately 14.29%, 11.55%, 8.00%, and 5.39% credit support (hard credit enhancement and haircut excess spread) for the class A (A-1, A-2, A-3, and A-4, collectively), B, C, and D notes, respectively, based on stressed cash flow scenarios. These credit support levels provide at least 5.00x, 4.00x, 3.00x, and 2.00x coverage of our expected net loss of 2.50% 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 expectation that under a moderate ('BBB') stress scenario (2.00x our expected loss level), all else being equal, our
