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New Issue: Satus 2024-1 PLC

S&P Global Ratings assigned its credit ratings to Satus 2024-1 PLC's asset-backed floating-rate class A, B, C-Dfrd, D-Dfrd, and E-Dfrd notes. The required liquidity reserve was funded through the unrated class Z notes. Satus 2024-1 is the second public securitization of U.K. auto loans originated by Startline Motor Finance Ltd. (Startline), the seller. We also rated the first securitization, Satus 2021-1 PLC, which closed in November 2021. Startline is an independent auto lender in the U.K., with a focus on used-car financing for near-prime customers. The underlying collateral comprises U.K. fixed-rate auto loan receivables arising under hire purchase (HP) agreements and personal contract purchase (PCP) agreements granted to private borrowers resident in the U.K. for the purchase of used vehicles.