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Presale: Canadian Pacer Auto Receivables Trust 2021-1

The preliminary ratings assigned to Canadian Pacer Auto Receivables Trust 2021-1's (CPART 2021-1) auto loan receivables-backed notes reflect our view of: The availability of approximately 8.0%, 5.2%, and 2.1% credit support, which includes hard credit enhancement and excess spread, for the class A, B, and C notes, respectively, based on our stressed break-even cash flow. These credit support levels provide approximately 5.00x, 4.50x, and 2.33x coverage of our expected cumulative net loss range of 0.70%-0.90%% for the class A, B, and C notes, respectively (see the Cash Flow Modeling Assumptions And Results section for details). The timely interest and principal payments by the designated legal final maturity date under stressed cash flow modeling scenarios that we believe are appropriate for

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