Silver Arrow S.A., acting in respect of its Compartment 12: Rating Report

DBRS Ratings GmbH (DBRS Morningstar) finalised its provisional rating on the Class A Notes issued by Silver Arrow S.A., acting in respect of its Compartment 12. The transaction represents the issuance of Class A and Class B Notes backed by EUR 750 million of receivables related to auto loan contracts granted by Mercedes-Benz Bank AG to private and commercial borrowers in the Federal Republic of Germany. For insight beyond the rating, see the rating report.