S&P Global Ratings assigned its credit ratings to Red & Black Auto Germany 11 UG (haftungsbeschränkt)'s (Red & Black Auto 11) asset-backed floating-rate class A, B, C, and D notes. At closing, Red & Black Auto 11 also issued unrated class E notes. This is Bank Deutsches Kraftfahrzeuggewerbe GmbH's (BDK's) 11th German publicly placed ABS transaction.