...- We assigned our 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) Oct. 19, 2022--S&P Global Ratings assigned its 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 also issued unrated class E notes. This is 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 loans to its private customers. Of the pool, 69.92% of the current principal balance on contracts amortize with a final balloon payment. The transaction amortizes from closing and has separate interest and principal waterfalls. The interest...
