S&P Global Ratings has assigned its credit ratings to LT Rahoitus 2025-1 DAC's asset-backed floating-rate class A and B notes. The transaction also issued unrated asset-backed class C notes. Our ratings address timely payment of interest and ultimate payment of principal on the class A and B notes. This is LocalTapiola Finance Ltd.'s (LTF) sixth publicly rated ABS transaction. We have previously rated LT Autorahoitus DAC in 2021, LTF's first public transaction. The underlying collateral comprises Finnish loan receivables for primarily cars and a small proportion of light commercial vehicles, motorbikes, vans, and campers. LTF originated and granted the loans to its private and commercial customers. According to the pool, 70.7% of the current principal balance loans amortize with a