S&P Global SF Japan Inc. (SPSF) today said that it has assigned its 'AAA (sf)' ratings to Driver Japan fourteen's beneficial interests 2 and its corresponding asset-backed loan (ABL 2) under the transaction. Both are due June 2033 and worth a combined ¥50.0 billion (see tables above). The collateral comprises Japanese auto loan receivables that Volkswagen Financial Services Japan Ltd. (VWFSJ) originated. The ratings reflect our views primarily on the following. We assume a cumulative default rate on the initial receivables balance of 0.65% under our base scenario during the transaction term, based on the characteristics of and historical data on the underlying auto loan assets, performance data on past series, and our overall outlook for the future performance of