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Presale: Bavarian Sky S.A., Compartment German Auto Leases 6

S&P Global Ratings has assigned its preliminary credit ratings to Bavarian Sky S.A., Compartment German Auto Leases 6's (BSKY leases 6) class A notes. At closing, BSKY lease 6 will also issue an unrated subordinated loan. Our preliminary ratings address timely payment of interest and ultimate payment of principal on the class A notes. BSKY lease 6's notes will securitize a portfolio of German auto lease receivables, which BMW Bank GmbH originated to its German, commercial and private customer base in the ordinary course of its business. The lease receivables arise from fixed-term, level payment lease contracts, with payments due monthly. The residual values of the leased vehicles corresponding to the lease receivables will not be sold to BSKY lease