Rating Class Rating Amount (mil. €) A AAA (sf) 500.00 B NR 32.00 Subordinated loan NR 5.00 NR--Not rated. We assigned our'AAA (sf)'rating to Silver Arrow S.A., Compartment 22's class A notes. The underlying collateral comprises German loan receivables for cars and vans. FRANKFURT (S&P Global Ratings) Oct. 28, 2026--S&P Global Ratings assigned its'AAA (sf)'credit rating to Silver Arrow S.A., Compartment 22's asset-backed floating-rate class A notes. At closing, Silver Arrow Compartment 22 also issued unrated class B notes and a subordinated loan. Our rating addresses timely payment of interest and ultimate payment of principal on the class A notes. This is Mercedes-Benz Bank AG's 22nd German publicly rated ABS transaction and the 11th we
