S&P Global Ratings assigned its 'AAA (sf)' credit rating to Koromo UK 1 PLC's asset-backed floating-rate class A notes. At closing, Koromo UK 1 also issued unrated class B notes. Our rating addresses the timely payment of interest and ultimate payment of principal on the class A notes. The underlying collateral comprises U.K. auto loan receivables originated by Toyota Financial Services (UK) PLC (TFSUK). The receivables arise under personal contract purchase (PCP) and hire purchase (HP) agreements for the purchase of new and used vehicles by retail customers. This is TFSUK's first public securitization, having operated a private securitization platform since 2015. The transaction features a six-month revolving period after which the class A notes will start to amortize. It