KBRA Europe (KBRA) assigns a preliminary rating to the Class A Notes issued by BUMPER DE S.A., acting on behalf and for the account of its Compartment 2023-1 and its Compartment 2023-2 (Bumper DE 2023), a German operating auto lease ABS. The preliminary rating reflects the initial credit enhancement levels for the Class A Notes. Credit enhancement consists of subordination, cash reserves and excess spread.

Bumper DE 2023 represents the latest public ABS securitisation for LeasePlan Deutschland GmbH from LeasePlan Corporation N.V.’s Bumper securitisation program. Bumper DE 2023 is collateralised by a revolving pool of operating lease receivables and associated vehicle rights in relation to LeasePlan Deutschland GmbH’s client base. LeasePlan Deutschland GmbH is a vehicle leasing and fleet management company headquartered in Düsseldorf which was founded in 1973. It is a wholly owned subsidiary of LeasePlan Corporation N.V. with branch offices in Düsseldorf, Frankfurt, Hamburg, Munich, Neuss and Stuttgart as well as a regional office in Berlin. LPDE currently manages over 120,000 vehicles, of which more than 89,000 (72%) have been financed by LPDE.

KBRA applied its General Global Rating Agency Methodology for Asset-Backed Securities as well as its Global Structured Finance Counterparty Methodology and ESG Global Rating Methodology as part of its analysis of the transactions underlying collateral pool and the proposed capital structure. KBRA also performed an operational assessment of LeasePlan Deutschland GmbH as well as a review of the transactions legal structure and transaction documents.

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Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

This credit rating is endorsed by Kroll Bond Rating Agency UK Limited for use in the UK. Information on a credit rating’s endorsement status is available on its rating page at KBRA.com.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

There are certain issuers, entities or transactions rated by KBRA Europe or KBRA UK that may be or have relationships with Shareholders and/or Shareholder-Related Companies, as that term is defined in KBRA’s Shareholder and Shareholder Related Companies for KBRA Europe and KBRA UK Policy and Procedure. Relevant disclosure information may be found here.

About KBRA Europe

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider. Kroll Bond Rating Agency Europe is located at 6-8 College Green, Dublin 2, Ireland.

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