The preliminary ratings assigned to HPEFS Equipment Trust 2023-1's (HPEFS 2023-1) asset-backed notes reflect our view of: The availability of 29.85%, 25.10%, 19.25%, and 8.40% initial hard credit support for the class A (collectively, class A-1, A-2, and A-3), B, C, and D notes, respectively. The hard credit support includes a cash reserve that is funded at closing, equal to 1.00% of the initial discounted contract balance, which is subject to a floor of the same amount. The availability of approximately 1.34% annual excess spread (unstressed estimate). An overcollateralization target mechanism (a target level of 10.30% of the current discounted contract balance, and an initial and floor of 7.40% and 7.40%, respectively, of the initial discounted contract balance) that minimizes