Transaction Update: Cars Alliance Auto Loans Germany Master FCT

S&P Global Ratings affirmed its 'AAA (sf)' credit rating on Cars Alliance Auto Loans Germany Master FCT's class A notes following the March 18, 2022 restructuring of the transaction (see "Cars Alliance Auto Loans Germany Master FCT Class A Auto ABS Rating Affirmed"). The program also features the unrated class B notes. The transaction closed in March 2014 and was originally set up to have the revolving period until March 2018 with a possible extension (see "New Issue: Cars Alliance Auto Loans Germany Master FCT," published on March 18, 2014). A four-year revolving period extension took place in 2018 until March 2022, and the current restructuring extends the revolving period by another four years, until March 2026. In addition, the

...Class Rating* Amount (mil. , as of March 18, 2022) Available credit enhancement (%)º Interest (%) Legal final maturity A ### (sf) 1106.6 7.75 1.75 March 18, 2039 B ## 83.3 0.75 3.00 March 18, 2039 *Our ratings address timely interest and ultimate principal. ºIncludes the 0.75% amortizing cash reseve. The maximum weighted-average interest rate on the class A notes during the revolving period. The class A notes can be issued up to a maximum program size of 3 billion. ##--Not rated....

Transaction Update Report