S&P Global Ratings assigned its credit ratings to Autoflorence 3 S.R.L.'s asset-backed floating-rate class A, B-Dfrd, C-Dfrd, D-Dfrd, and E-Dfrd notes. At closing, Autoflorence 3 also issued unrated class F notes. This is Findomestic Banca S.p.A's (Findomestic) third auto loan transaction and its eighth ABS transaction we rate. The underlying collateral comprises Italian loan receivables for new and used cars and other vehicles, mainly motorcycles and campers. Findomestic originated and granted the loans to its private customers. The loans do not feature balloon payments. The transaction revolves for 12 months if no stop-revolving triggers are hit. The transaction has separate interest and principal waterfalls. The interest waterfall features a principal deficiency ledger mechanism, by which the issuer can use excess