We assigned preliminary ratings to Red&Black Auto Germany 9 UG (haftungsbeschrankt)'s asset-backed floating-rate class A, B, C, and D notes. The underlying collateral comprises German loan receivables for new, used, and newly used cars. FRANKFURT (S&P Global Ratings) Sept. 5, 2022--S&P Global Ratings assigned its preliminary credit ratings to Red&Black Auto Germany 9 UG (haftungsbeschrankt)'s (Red&Black Auto 9's) asset-backed floating-rate class A, B, C, and D notes. At closing, Red&Black Auto 9 will also issue unrated class E notes. This will be Bank Deutsches Kraftfahrzeuggewerbe GmbH's (BDK's) ninth German publicly placed ABS transaction. The underlying collateral comprises German loan receivables for new, used, and newly used cars. BDK originated and granted the
