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Presale: Red & Black Auto Germany 8 UG (haftungsbeschränkt)

S&P Global Ratings has assigned its preliminary credit ratings to Red & Black Auto Germany 8 UG (haftungsbeschränkt)'s (Red & Black Auto 8's) asset-backed floating-rate class A, B, C, and D notes. At closing, Red & Black Auto 8 will also issue unrated class E notes. This will be Bank Deutsches Kraftfahrzeuggewerbe GmbH's (BDK's) eighth German publicly placed ABS transaction. The underlying collateral comprises German loan receivables for new, used, and newly used cars.