...- Westlake Automobile Receivables Trust 2025-2's issuance is an ABS transaction backed by subprime auto loan receivables. - We assigned our ratings to the class A-1, A-2-A, A-2-B, A-3, B, C, D, and E notes. - The ratings reflect our view of the transaction's credit support, collateral characteristics, and payment and legal structures, among other factors. NEW YORK (S&P Global Ratings) July 17, 2025--S&P Global Ratings today assigned its ratings to Westlake Automobile Receivables Trust 2025-2's automobile receivables-backed notes (see list). The note issuance is an ABS transaction backed by subprime auto loan receivables. The ratings reflect: - The availability of approximately 45.8%, 39.6%, 30.9%, 23.7%, and 20.5% credit support (hard credit enhancement and haircut to excess spread) for the class A (classes A-1, A-2, and A-3, collectively), B, C, D, and E notes, respectively, based on post-pricing stressed cash flow scenarios. These credit support levels provide at least 3.50x, 3.00x, 2.30x,...
