S&P Global Ratings has assigned its credit rating to Silver Arrow S.A., Compartment 19's asset-backed floating-rate class A notes. At closing, Silver Arrow Compartment 19 also issued unrated class B notes and a subordinated loan. This is Mercedes-Benz Bank AG's 19th German publicly rated ABS transaction and the ninth 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 final pool, 83.13% of the current principal balance on contracts amortizes with a final balloon payment. Like its predecessor, Silver Arrow Compartment 19 does not contain any receivables financing the purchase of trucks. Similar to its rated predecessors, the