...- 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 affirmed our ratings on the class A, B, C, 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) June 29, 2023--S&P Global Ratings today affirmed its '### (sf)', '## (sf)', 'A (sf)', and '##+ (sf)' credit ratings on Red & Black Auto Germany 9 UG (HaftungsbeschrSnkt)'s class A, B, C, and D notes. We analyzed the transaction's credit risk under various stress scenarios by applying our revised criteria for rating global auto ABS transactions (see"Global Auto ABS Methodology And Assumptions," published on March 31, 2022). Our ratings in this transaction address the timely payment of interest and the ultimate payment...
