The preliminary ratings assigned to Textainer Marine Containers VII Ltd.'s (TMCL VII) $327.6 million fixed-rate asset-backed series 2021-2 notes reflects our view of: The likelihood that timely interest and ultimate principal payments will be made on or before the legal final maturity date; The initial and future lessees' estimated credit quality; The transaction's structure; The portfolio characteristics, including the asset quality and lease terms; The manager's experience and management team; and Certain compliance tests, concentration limitations, and early amortization events included in the transaction documents. We consider the following to be transaction strengths: The container leasing market's resiliency and stability despite the macroeconomic disruption caused by the COVID-19 pandemic. Reduced levels of capital spending continue to support a relatively stable