Toyota Auto Receivables 2022-C Owner Trust's issuance is an ABS transaction backed by prime fixed-rate auto loan receivables. We assigned our preliminary ratings to the class A-1, A-2a/A-2b, A-3, and A-4 notes. The preliminary ratings reflect our view of the transaction's credit support, credit enhancement, and payment and legal structures, among other factors. NEW YORK (S&P Global Ratings) Aug. 3, 2022--S&P Global Ratings today assigned its preliminary ratings to Toyota Auto Receivables 2022-C Owner Trust's asset-backed notes (see list). The note issuance is an ABS transaction backed by prime fixed-rate auto loan receivables. The preliminary ratings are based on information as of Aug. 3, 2022. Subsequent information may result in the assignment of final ratings that differ from the preliminary
