S&P Global Ratings assigned its credit ratings to Cardiff Auto Receivables Securitisation 2024-1 PLC 's (CARS 2024-1) class A, B, C, D, E, and F asset-backed floating-rate notes. At closing, CARS 2024-1 also issued unrated class Z notes. This is the third U.K. ABS transaction with receivables originated by Black Horse Ltd. that we have rated. In total, this is the originator's fifth transaction. Black Horse is one of the largest independent auto lenders in the U.K. and has partner relationships with several auto manufacturers, with Jaguar Land Rover (JLR) being the largest by origination volume. Black Horse lends on a mix of new and used vehicles with a focus on prime customers. It is not a deposit-taking institution in