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Presale: Westlake Automobile Receivables Trust 2021-2

The preliminary ratings assigned to Westlake Automobile Receivables Trust 2021-2's (Westlake 2021-2) $1.619 billion automobile receivables-backed notes series 2021-2 reflect: The availability of approximately 46.77%, 40.04%, 31.32%, 24.70%, 21.49%, and 17.52% credit support for the class A-1 and A-2-A/A-2-B (collectively, class A), B, C, D, E, and F notes, respectively, based on stressed cash flow scenarios (including excess spread). These provide approximately 3.35x, 2.85x, 2.20x, 1.70x, 1.47x, and 1.10x, respectively, of our 13.50%-14.00% expected cumulative net loss (CNL) range. The transaction's ability to make timely interest and principal payments under stressed cash flow modeling scenarios appropriate for the assigned preliminary ratings. The expectation that under a moderate ('BBB') stress scenario (1.70x our expected loss level), all else being equal, our