Silver Arrow S.A., acting in respect of its Compartment Silver Arrow UK 2020-1: Rating Report

The Class A Notes and Class B Notes are backed by a static portfolio selected from a pool of approximately GBP 678 million receivables related to personal contract purchase (PCP) and hire purchase (HP) auto loan contracts granted by Mercedes-Benz Financial Services UK Limited (MBFS or the Seller), a wholly owned indirect subsidiary of Daimler AG, to borrowers in England, Wales, Scotland, and Northern Ireland. The underlying motor vehicles related to the finance contracts consist of both new and used passenger and light-commercial vehicles. MBFS services the receivables.