Rationale The preliminary rating assigned to Trinity Rail Leasing 2022 LLC's $244.764 million fixed-rate green secured railcar equipment notes series 2022-1 reflects: 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 railcar collateral's value and rental-generating potential; The transaction's legal and payment structures; The demonstrated servicing ability of Trinity Industries Leasing Co.; The liquidity facility, which will have available advance amount of up to nine months' interest; The credit quality of the liquidity provider, Credit Agricole Corporate and Investment Bank; and The performance of the portfolio under specific rating sensitivity stresses. Transaction Overview Strengths In our view, this transaction's strengths