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Presale: Limes Funding S.A. Compartment 2021-1

S&P Global Ratings has assigned its preliminary credit rating to Limes Funding S.A., Compartment 2021-1's (Limes 2021-1).class A asset-backed floating-rate notes. At closing, it will also issue unrated class B notes. Our preliminary rating addresses timely payment of interest and ultimate payment of principal on the class A notes. This transaction is the second publicly rated equipment asset-backed securities (ABS) transaction by Deutsche Sparkassen Leasing AG & Co. KG (Deutsche Leasing). We have rated the predecessor transaction, Limes Funding S.A., Compartment 2019-1 (Limes 2019-1), since closing. The securitized portfolio will consist of German receivables from equipment leasing contracts, instrumented under hire purchase, and lease agreements.