Santander Retail Auto Lease Trust 2022-A — Moody’s assigns provisional ratings to Santander Retail Auto Lease Trust 2022-A notes

Rating Action: Moody’s assigns provisional ratings to Santander Retail Auto Lease Trust 2022-A notesGlobal Credit Research – 05 Jan 2022Approximately $1 billion securities ratedNew York, January 05, 2022 — Moody’s Investors Service (“Moody’s”) has assigned provisional ratings to the notes to be issued by Santander Retail Auto Lease Trust 2022-A (SRT 2022-A). This is the first auto lease transaction sponsored by Santander Consumer USA Inc. (SC; not rated) in 2022. The notes will be backed by a pool of closed-end retail automobile leases originated by SC, the servicer and administrator for the transaction, through its Chrysler Capital division.The complete rating actions are as follows:Issuer: Santander Retail Auto Lease Trust 2022-AClass A-1 Notes, Assigned (P)P-1 (sf)Class A-2 Notes, Assigned (P)Aaa (sf)Class A-3 Notes, Assigned (P)Aaa (sf)Class A-4 Notes, Assigned (P)Aaa (sf)Class B Notes, Assigned (P)Aa2 (sf)Class C Notes, Assigned (P)A1 (sf)RATINGS RATIONALEThe ratings are based on the quality of the underlying collateral and its expected performance, the strength of the capital structure, and the experience and expertise of SC as the servicer and administrator.Moody’s expected median cumulative net credit loss expectation for SRT 2022-A is 0.85% and the total loss at a Aaa stress on the collateral is 24.50% (including 4.50% credit loss and 20.00% residual value loss at a Aaa stress). The net credit loss levels are unchanged from the last rated 2021-C transaction. The…