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Presale: Mercedes-Benz Auto Lease Trust 2021-A

The preliminary ratings assigned to Mercedes-Benz Auto Lease Trust 2021-A's (MBALT 2021-A) asset-backed notes reflect: The availability of approximately 22.8% credit enhancement, based on our stressed cash flow scenarios, in the form of 14.50% initial overcollateralization, which is expected to build to a target of 15.75%, a 0.25% nonamortizing reserve account, and excess spread (All percentages are expressed as a percentage of the pool's initial securitization value); The credit quality of the underlying collateral, which consists of prime auto lease receivables that have a weighted average FICO score of 788; Our expectation that under a moderate ('BBB') stress scenario (2.0x our expected loss level), all else being equal, our preliminary 'AAA (sf)' ratings on the class A notes are consistent