S&P Global Ratings has assigned its credit rating to Pony S.A., Compartment German Auto Loans 2025-1's (Pony 2025-1) class A notes. At closing, Pony 2025-1 also issued an unrated class of notes. Our rating addresses timely payment of interest and ultimate payment of principal on the class A notes. Pony 2025-1's notes securitize a portfolio of German auto loan receivables, which Hyundai Capital Bank Europe GmbH (HCBE) originated to its German, commercial and private customer base in the ordinary course of its business. The loan receivables arise from fixed-term, level payment loan contracts, with payments due monthly. The transaction features a nine-month revolving phase, and the notes will start to amortize immediately after the revolving period ends. The payment structure