The preliminary ratings assigned to CLI Funding VIII LLC's (the issuer) $298 million fixed-rate asset-backed notes series 2023-1 reflect our view of: The likelihood that timely interest and ultimate principal payments will be made on or before the legal final maturity date; The initial and future lessees' estimated credit quality; The transaction's structure; The portfolio characteristics, including the asset quality and lease terms; Certain compliance tests, concentration limitations, and early amortization events included in the transaction documents; The presence of a reserve account that covers the series 2023-1 notes' nine months of interest; and The manager's experience in managing the container portfolio. Our rating analysis considers the transaction's potential exposure to ESG credit factors. We generally consider these ESG credit