The preliminary ratings assigned to Global Container Assets 2016 Ltd.'s (GCA2016 2022-1 Ltd.) $230 million fixed-rate asset-backed series 2022-1 notes reflects our view of: The likelihood that timely interest and ultimate principal payments (including any deferred class B interest that is added to the unpaid principal balance) 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; Certain compliance tests, concentration limitations, and early amortization events included in the transaction documents...