S&P Global Ratings has assigned its preliminary credit rating to Silver Arrow S.A., Compartment 17's asset-backed floating-rate class A notes. At closing, Silver Arrow Compartment 17 will also issue unrated class B notes and a subordinated loan. This will be Mercedes-Benz Bank AG's 17th German publicly rated ABS transaction and the eighth that we have rated. The underlying collateral comprises German loan receivables for cars and vans. Mercedes-Benz Bank originated and granted the loans to its private and commercial retail customers. According to the preliminary pool, 83.28% of the current principal balance on contracts amortizes with a final balloon payment. The loan receivables will be sold to the issuer using a discount rate which is the greater of the contractual