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Presale: Hyundai Auto Lease Securitization Trust 2021-A

The preliminary ratings assigned to Hyundai Auto Lease Securitization Trust 2021-A's (HALST 2021-A) auto lease asset-backed notes series 2021-A reflect our view of: The availability of approximately 25.8% and 20.1% credit enhancement for the class A (class A-1, A-2, A-3, and A-4, collectively) and B notes, respectively, in the form of 5.50% subordination for the class A notes; 12.00% overcollateralization, which will build to a target of 14.50% of the initial securitization value; a 0.50% nonamortizing reserve account; and excess spread (all percentages are measured in terms of the pool's initial aggregate securitization value); The credit quality of the underlying collateral, which comprises prime auto lease receivables that have a weighted average FICO score of 761; Our expectation that under