Santander Retail Auto Lease Trust 2021-A — Moody’s assigns provisional ratings to Santander Retail Auto Lease Trust 2021-A notes

Rating Action: Moody’s assigns provisional ratings to Santander Retail Auto Lease Trust 2021-A notesGlobal Credit Research – 10 Mar 2021Approximately $1.18 billion securities ratedNew York, March 10, 2021 — Moody’s Investors Service, (“Moody’s”) has assigned provisional ratings to the notes to be issued by Santander Retail Auto Lease Trust 2021-A (SRT 2021-A). This is the first auto lease transaction sponsored by Santander Consumer USA Inc. (SC; not rated) in 2021. 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 2021-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)A2 (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 2021-A is 1.0% and the total loss at a Aaa stress on the collateral is 26.0% (including 5.0% credit loss and 21.0% residual value loss at a Aaa stress). The expected loss and the total loss at a Aaa stress are the same as SRT 2020-B, the…