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Presale: GreatAmerica Leasing Receivables Funding LLC (Series 2021-2)

The preliminary ratings assigned to GreatAmerica Leasing Receivables Funding LLC's receivables-backed notes series 2021-2 reflect: The availability of 13.42%, 9.67%, and 7.26% credit support to the class A, B, and C notes, respectively, based on stressed break-even cash flow scenarios. These credit support levels provide coverage of approximately 6.2x, 4.5x, and 3.4x the lower bound of our cumulative net loss range of 2.10%-2.20% for the class A, B, and C notes, respectively (see the S&P Global Ratings' Expected Loss section below). Our expectation that, under our credit stability analysis, in a moderate stress ('BBB') scenario, all else being equal, the ratings on each class of notes will remain consistent with our credit stability criteria. Our expectation for the timely payment

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