Red&Black Auto Germany 9 UG (haftungsbeschränkt) Class B And C Ratings Raised; Other Notes Affirmed

We reviewed Red&Black Auto Germany 9 UG (haftungsbeschränkt)'s performance by conducting our analysis of the transaction's underlying assets and structural features. Following our review, we raised our ratings on the class B and C notes. At the same time, we affirmed our ratings on the class A and D notes. The transaction is a securitization of auto finance receivables for new, used, and newly used cars that Bank Deutsches Kraftfahrzeuggewerbe GmbH originated and granted to its private customers. FRANKFURT (S&P Global Ratings) Oct. 28 2024--S&P Global Ratings today raised its credit ratings on Red&Black Auto Germany 9 UG (Haftungsbeschrankt)'s class B notes to 'AAA (sf)' from 'AA (sf)' and its class C notes to 'A+ (sf)'

...- We reviewed Red & Black Auto Germany 9 UG (haftungsbeschrSnkt)'s performance by conducting our analysis of the transaction's underlying assets and structural features. - Following our review, we raised our ratings on the class B and C notes. At the same time, we affirmed our ratings on the class A and D notes. - The transaction is a securitization of auto finance receivables for new, used, and newly used cars that Bank Deutsches Kraftfahrzeuggewerbe GmbH originated and granted to its private customers. FRANKFURT (S&P Global Ratings) Oct. 28 2024--S&P Global Ratings today raised its credit ratings on Red & Black Auto Germany 9 UG (Haftungsbeschrankt)'s class B notes to '### (sf)' from '## (sf)' and its class C notes to 'A+ (sf)' from 'A (sf)'. At the same time, we affirmed our '### (sf)' and '##+ (sf)' ratings on the class A and D notes, respectively. We analyzed the transaction's credit risk by applying our criteria for rating global auto ABS transactions (see "Global Auto ABS Methodology...

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