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New Issue: Cavern Funding 2020 PLC

S&P Global Ratings has assigned its credit rating to Cavern Funding 2020 PLC's class A notes. The issuer has also issued unrated class B and C notes. Our rating on the class A notes addresses the timely payment of interest and ultimate payment of principal. Cavern Funding 2020 is the first public securitization of U.K. auto loans originated by MI Vehicle Finance Ltd. (MIVF). MIVF is an auto lender in the U.K. now part of the Investec group, with a focus on used car financing for prime and near-prime customers. The collateral backing the class A and B notes comprises a pool of U.K. fixed-rate auto loan receivables arising under hire purchase (HP), lease purchase (LP), and personal contract purchase