Cars Alliance Auto Loans Germany Master (Restructuring): Rating Report

DBRS Ratings GmbH (DBRS Morningstar) assigned a AAA (sf) rating to the EUR 171.0 million Series 2022-03, Class A Notes issued by Cars Alliance Auto Loans Germany Master following the note issuance on the 18 March 2022 payment date. Additionally, DBRS Morningstar discontinued its AAA (sf) rating on the EUR 178.8 million Series 2021-05, Class A Notes as a result of the notes’ full repayment and confirmed the remaining outstanding series at AAA.