mercedes-benz auto receivables trust 2021-1

Presale:

Mercedes-Benz Auto Receivables Trust 2021-1September 9, 2021

Preliminary Ratings

Class Preliminary rating Type Interest rate Amount (mil. $)Expected legal final maturitydate

A-1(i) NR Senior Fixed 332.5 Sept. 15, 2022

A-2 AAA (sf) Senior Fixed 560.0 July 15, 2024

A-3 AAA (sf) Senior Fixed 560.0 June 15, 2026

A-4 AAA (sf) Senior Fixed 130.0 Dec. 15, 2027

Note: This presale report is based on information as of Sept. 9, 2021. The ratings shown are preliminary. This report does not constitute arecommendation to buy, hold, or sell securities. Subsequent information may result in the assignment of final ratings that differ from thepreliminary ratings. (i)The class A-1 notes will be retained by the depositor or one or more of its affiliates. NR--Not rated.

Profile

Expected closing date Sept. 22, 2021.

Collateral Prime auto loan receivables.

Sponsor, servicer, andadministrator

Mercedes-Benz Financial Services USA LLC, a wholly owned indirect subsidiary ofDaimler AG (A-/Stable/A-2).

Depositor Daimler Retail Receivables LLC, a wholly owned subsidiary of Mercedes-Benz FinancialServices USA LLC.

Issuing entity Mercedes-Benz Auto Receivables Trust 2021-1.

Indenture trustee U.S. Bank N.A. (AA-/Stable/A-1+).

Owner trustee Wilmington Trust N.A.

Lead underwriter Mizuho Securities USA LLC.

Credit Enhancement Summary

MBART 2021-1 MBART 2020-1 MBART 2019-1

Overcollateralization (%)(i)

Initial 2.50 2.50 2.50

Target 2.50 2.50 2.50

Reserve account (%)(i)

Presale:

Mercedes-Benz Auto Receivables Trust 2021-1September 9, 2021

PRIMARY CREDIT ANALYST

Ethan Choi

New York

+ 1 (212) 438 1043

[email protected]

SECONDARY CONTACT

Jennie P Lam

New York

+ 1 (212) 438 2524

[email protected]

www.standardandpoors.com September 9, 2021 1

© S&P Global Ratings. All rights reserved. No reprint or dissemination without S&P Global Ratings' permission. See Terms of Use/Disclaimeron the last page.

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mailto: [email protected]




Credit Enhancement Summary (cont.)

MBART 2021-1 MBART 2020-1 MBART 2019-1

Initial 0.25 1.00 0.25

Target 0.25 1.00 0.25

After pool factor drops below 50% 0.25 0.50 0.25

Total initial hard credit enhancement (%)(i) 2.75 3.50 2.75

Total target hard credit enhancement (%)(i) 2.75 3.50 2.75

Total after 50% pool factor (%)(i) 2.75 3.00 2.75

YSOA required rate (%) 4.30 5.30 5.50

Estimated annual excess spread (including YSOA)(%)(ii)

2.97 3.33 2.75

Initial aggregate gross receivables balance ($) 1,657,814,899 1,124,777,926 1,615,006,230

YSOA ($) 34,735,937 36,332,044 61,799,794

Initial adjusted receivables balance ($) 1,623,078,962 1,088,445,883 1,553,206,436

Initial overcollateralization ($) 40,578,962 27,225,883 38,846,436

Total securities issued ($)(iii) 1,250,000,000 1,061,220,000 1,514,360,000

YSOA as % of the initial aggregate gross principalbalance

2.10 3.23 3.83

YSOA as % of the initial adjusted receivablesbalance

2.14 3.34 3.98

(i)As a percentage of the initial adjusted receivables balance. (ii)Estimated excess spread before pricing. Assumes a 1.00% annual servicing fee.(iii)Excludes class A-1 for series 2021-1. MBART--Mercedes-Benz Auto Receivables Trust. YSOA--Yield supplement overcollateralizationamount.

Rationale

The preliminary ratings assigned to Mercedes-Benz Auto Receivables Trust 2021-1's (MBART2021-1's) $1.25 billion asset-backed notes series 2021-1 reflect our view of:

- The availability of approximately 7.00% credit support for the class A notes based on stressedcash flow scenarios. This credit support provides approximately 10.8x coverage of our0.60%-0.70% expected net loss range to the class A notes (see the Cash Flow ModelingAssumptions And Results section).

- The timely interest and full principal payments made under the stressed cash flow modelingscenarios appropriate for the assigned preliminary ratings (see the Cash Flow ModelingAssumptions And Results section). In our modeling approach, we used a bifurcated poolmethod. For cash flow purposes, the subvened/nonsubvened cut-off annual percentage rate(APR) is 4.00%.

- Our expectation that under a moderate ('BBB') stress scenario (2.0x our expected loss level), allelse being equal, our preliminary 'AAA (sf)' ratings on the class A notes will be within the creditstability limits specified by section A.4 of the appendix in S&P Global Ratings Definitions (see"S&P Global Ratings Definitions," published Jan. 5, 2021).

- The transaction's credit enhancement in the form of overcollateralization, yield supplementovercollateralization, a reserve account, and excess spread (see the Credit Enhancement



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Presale: Mercedes-Benz Auto Receivables Trust 2021-1

Summary table above).

- The collateral characteristics of the securitized pool.

- The loss performance of the originator's static pools and managed portfolio, as well as thesecuritization performance history of prior MBART transactions.

- Our view of the transaction's payment and legal structures.

Environmental, Social, And Governance (ESG)

Our rating analysis considers a transaction's potential exposure to ESG credit factors. For the autoABS sector, we view the exposure to environmental credit factors as above average, to socialcredit factors as average, and to governance credit factors as below average (see "ESG IndustryReport Card: Auto Asset-Backed Securities," published March 31, 2021).

In our view, the exposure to ESG credit factors in this transaction is in line with our sectorbenchmark. Exposure to environmental credit factors are generally viewed as above average giventhat the collateral pool primarily comprises vehicles with internal combustion engines (ICE), whichcreate emissions of pollutants including greenhouse gases. While the adoption of electric vehiclesand future regulation could in time lower ICE vehicle values, we believe that our current approachto evaluating recovery and residual values adequately accounts for vehicle values over therelatively short expected life of the transaction. As a result, we have not separately identified thisas a material ESG credit factor in our analysis.

Changes From The MBART 2020-1 Transaction

Changes in the collateral composition, structure, and credit enhancement from MBART 2020-1include that:

- The initial reserve account decreased to 0.25% from 1.00%. For MBART 2020-1, the reserveaccount was scheduled to step down from 1.00% to 0.50% if the pool factor on the last day ofthe related collection period was less than or equal to 50%.

- The weighted average FICO score decreased to 770 from 777.

- The series 2021-1 collateral pool includes contracts with FICO scores less than 650; thesecontracts comprise approximately 1.49% of the pool by balance.

- The weighted average remaining term increased to approximately 55.5 months from 52.5months.

- The percentage of loans with an original term of 61-72 months increased to 73.25% from66.24%.

- The required rate used to size the yield supplement overcollateralization amount (YSOA)decreased to 4.30% from 5.30%.

Overall, we believe the series 2021-1 collateral pool is generally comparable to 2020-1's (see theCollateral Pool Analysis section). Our expected loss accounts for the originator's consistentunderwriting standards, relatively stable securitization performance to date, and generallycomparable collateral characteristics. Our expected cumulative net loss (CNL) range for MBART2021-1 is 0.60%-0.70%, which is lower than that for series 2020-1. (See the S&P Global Ratings'



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Expected Loss section.)

Transaction Overview

MBART 2021-1 is Mercedes-Benz Financial Services USA LLC's (MBFS USA's) 12th prime autoloan securitization since 2009 and fifth securitization to be issued under their Regulation AB IIcompliant retail shelf. Similarly to the collateral pool in previous MBART transactions, MBART2021-1's collateral pool will consist of prime fixed-rate retail vehicle installment sales contractssecured by new and pre-owned vehicles originated by MBFS USA.

The MBART 2021-1 transaction is structured as a true sale of the receivables to Daimler RetailReceivables LLC (the depositor and a bankruptcy-remote, special-purpose entity) from MBFS USA(the sponsor and servicer). Daimler Retail Receivables will then assign the rights, title, and interestin the receivables to MBART 2021-1, the issuing entity. MBART 2021-1 will, in turn, pledge therights to the receivables to U.S. Bank N.A., the indenture trustee, on the noteholders' behalf.MBART 2021-1 will issue $1.25 billion in class A notes rated by S&P Global Ratings. Class A-1 willbe retained by the depositor or one or more of its affiliates. (See chart 1 for the transactionstructure.)

Interest and principal on the notes are scheduled to be paid on the 15th day of each month, or thenext business day, beginning Oct. 15, 2021. In rating this transaction, S&P Global Ratings willreview the relevant legal matters outlined in its criteria.

Transaction Structure

The MBART 2021-1 transaction incorporates the following structural features:

- A sequential-pay mechanism that will retire the class with the earliest maturity before payingthe class with the next-earliest maturity.

- Nonamortizing overcollateralization that will be maintained at a target of 2.50% of the initialadjusted receivables balance. As a result, the overcollateralization will grow as a percentage ofthe current collateral balance as the pool amortizes.

- A reserve account that equals 0.25% of the initial adjusted receivables balance.

- A YSOA that will initially be approximately 2.14% of the initial adjusted receivables balance. TheYSOA is sized so that the yield on the contracts with APRs below the YSOA required rate of4.30% will increase to the required rate to generate excess spread for the transaction. TheYSOA for each distribution date will be calculated as of the cut-off date and will amortizeaccording to a schedule.



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Chart 1

Payment Structure

Available funds will be distributed according to the priority shown in table 1.

Table 1

Payment Waterfall

Priority Payment

1 The 1.00% servicing fee, plus any unpaid servicing fees for any previous collection periods.

2 Trustee/asset representations reviewer fees, expenses, and indemnified amounts capped at $250,000 peryear.

3 Class A note interest, ratably to the class A noteholders.



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Table 1

Payment Waterfall (cont.)

Priority Payment

4 Priority principal distributable amount (if the class A notes' balance is greater than the adjusted poolbalance).

5 Reserve account deposit up to its required amount.

6 Regular principal distributable amount(i).

7 Any unpaid transition expenses and any traditional servicing fees if Mercedes-Benz Financial Services USALLC has been replaced as the servicer.

8 Any unpaid trustee/asset representations reviewer fees and indemnified amounts.

9 Any remaining amounts to the certificateholders.

(i)The regular principal distributable amount is designed to maintain the overcollateralization at the target amount of 2.50% of the initialadjusted receivables balance.

Managed Portfolio

MBFS USA's retail portfolio performance has generally been stable since 2011. Delinquencies andnet losses have remained relatively low. As of June 30, 2021, total delinquencies remained flat at0.75% compared to June 30, 2020. For the six months ended June 30, 2021, annualized net lossesas a percentage of the average principal amount outstanding decreased to 0.31% from 0.62% ayear earlier. MBFS USA's serviced retail portfolio consists of $10.6 billion as of June 30, 2021, a27.4% increase from $8.3 billion a year prior. (see table 2).

Table 2

Managed Portfolio

Six months endedJune 30 Year ended Dec. 31

2021 2020 2020 2019 2018 2017 2016

No. of receivables serviced 359,690 311,371 339,023 289,039 263,997 245,021 246,053

Principal balance at end of period (mil. $) 10,611.98 8,332.58 9,567.60 7,648.53 6,569.83 5,802.31 5,936.24

Average balance during the period (mil. $) 10,199.69 8,024.68 8,594.52 7,093.52 6,237.28 5,879.72 5,927.61

Delinquencies (%)(i)

31-60 days 0.53 0.41 0.82 0.98 0.94 0.85 0.81

61-90 days 0.13 0.12 0.22 0.25 0.25 0.24 0.25

90-plus days 0.09 0.22 0.14 0.17 0.17 0.17 0.17

Total delinquencies 0.75 0.75 1.18 1.40 1.36 1.26 1.23

Net losses as a % of average principalamount outstanding (annualized)

0.31 0.62 0.50 0.50 0.40 0.39 0.39

(i)The number of delinquent receivables as a percentage of the number of receivables outstanding.



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Collateral Pool Analysis

We compared the MBART 2021-1 collateral pool with that of previous MBART securitization pools(see table 3). The MBART 2021-1 pool has approximately 10 months of seasoning. The percentageof 61-72 month term loans in the pool, approximately 73.25%, is higher than the 2020-1 pool butremains in line with earlier MBART pools, such as series 2018-1 and 2016-1. The weighted averageremaining term, at approximately 55.5 months, is higher than approximately 52.5 months for the2020-1 pool. The 2021-1 collateral pool will include contracts with FICO scores less than 650;however, these contracts only comprise approximately 1.49% of the pool by balance. The weightedaverage LTV ratio for the 2021-1 collateral pool is lower than that of the four prior securitizedpools, at least partially driven by historically high vehicle prices.

Table 3

Collateral Characteristics(i)

MBART 2021-1 MBART 2020-1 MBART 2019-1 MBART 2018-1 MBART 2016-1

Pool size (mil. $) 1,657.81 1,124.78 1,615.00 1,508.39 1,591.28

No. of receivables 44,343 35,214 50,838 50,953 59,357

Avg. principal balance ($) 37,386 31,941 31,768 29,604 26,809

Weighted avg. APR,excluding the YSOA (%)

3.59 3.82 3.71 3.39 3.09

Weighted avg. original term(mos.)

65.32 63.55 64.34 66.76 65.78

Weighted avg. remainingterm (mos.)

55.46 52.53 52.01 52.70 50.38

Weighted avg. seasoning(mos.)

9.86 11.02 12.33 14.06 15.40

Weighted avg. loan-to-value(%)

102.48 104.58 104.94 103.93 106.30

% of pool balance with anoriginal term of 61-72months (%)

73.25 66.24 65.67 73.39 73.95

% of pool balance with aremaining term of 61-72months (%)

46.97 38.44 33.38 32.96 23.98

New vehicles (%) 48.06 40.19 40.29 48.05 35.39

Pre-owned vehicles (%) 51.94 59.81 59.71 51.95 64.61

Weighted avg. original FICOscore

770 777 773 768 768

% of pool balance with FICOscore greater than or equalto 700

82.33 85.93 83.82 81.84 81.39

% of pool balance with FICOscore less than 700

17.67 14.07 16.19 18.17 18.61

Minimum FICO score 600 651 651 651 651

Top five models (%)

ML/GLEClass=19.34

C Class=17.43 C Class=19.98 E Class=26.20 E Class=26.92



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Table 3

Collateral Characteristics(i) (cont.)

MBART 2021-1 MBART 2020-1 MBART 2019-1 MBART 2018-1 MBART 2016-1

GLK/GLCClass=17.01

ML/GLEClass=16.69

E Class=18.78 C Class=22.47 C Class=22.66

C Class=12.76 GLK/GLCClass=15.49

ML/GLEClass=17.17

ML/GLEClass=17.16

ML/GLEClass=16.44

E Class=12.61 E Class=14.91 GLK/GLCClass=13.70

GLK/GLCClass=8.33

S Class=8.40

GL/GLSClass=10.25

GL/GLSClass=9.83

S Class=7.66 S Class=6.19 GLK/GLCClass=7.68

Top five state concentrations (%)

CA=19.32 CA=21.76 CA=20.33 CA=19.57 CA=19.16

TX=11.85 TX=13.61 TX=12.57 TX=13.25 TX=11.64

FL=10.80 FL=9.72 FL=9.50 FL=10.11 FL=10.60

NY=7.24 NY=7.15 NY=6.98 NY=7.02 NY=7.47

NJ=4.37 NJ=4.27 NJ=4.64 NJ=4.61 NJ=4.68

(i)All percentages are of the initial aggregate receivables balance. MBART--Mercedes-Benz Auto Receivables Trust. APR--Annual percentagerate. YSOA--Yield supplement overcollateralization amount.

We also compared the MBART 2021-1 collateral pool with those of some recent peers within theprime auto loan sector (see table 4).

Table 4

Collateral Peer Comparison(i)

Issue name MBART 2021-1 TAOT 2021-B HAROT 2021-3

Receivables balance (mil. $) 1,657.81 1,666.96 1,619.43

No. of receivables 44,343 78,636 86,105

Avg. original principal balance ($) 45,688 28,995 25,827

Weighted avg. APR (%) 3.59 3.08 2.43

Weighted avg. original term (mos.) 65.32 65.43 61.72

Weighted avg. remaining term (mos.) 55.46 52.60 49.44

Weighted avg. seasoning (mos.) 9.86 12.84 12.28

Loans with original term greater than 60 mos. (%) 73.25 50.61 29.52

Maximum original loan term (mos.) 72 72 72

New vehicles (%) 48.06 74.59 90.88

Weighted avg. FICO score 770 767 771

Minimum FICO score 600 - -

Top three state concentrations (%)

CA=19.32 CA=26.03 CA=17.31

TX=11.85 TX=12.96 TX=9.26



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Table 4

Collateral Peer Comparison(i) (cont.)

Issue name MBART 2021-1 TAOT 2021-B HAROT 2021-3

FL=10.80 IL=4.54 FL=5.88

(i)All percentages are of the initial aggregate gross receivables balance. MBART—Mercedes-Benz Auto Receivables Trust. TAOT--Toyota AutoReceivables Owner Trust. HAROT--Honda Auto Receivables Owner Trust. APR--Annual percentage rate.

Compared to the Toyota Auto Receivables 2021-B Owner Trust and Honda Auto Receivables2021-3 Owner Trust pools, the MBART 2021-1 pool has the highest percentage of loans with anoriginal term greater than 60 months.

Securitization Performance/Surveillance

S&P Global Ratings has rated nine out of 11 MBART transactions since 2009; we did not rateseries 2011-1 and 2014-1. The paid-off transactions, series 2009-1 through 2016-1, incurredCNLs in the range of 0.21%-0.66%.

The outstanding MBART transactions, series 2018-1, 2019-1, and 2020-1, have incurred 0.45%,0.33%, and 0.14% CNLs to date at months 37, 23, and 14, respectively (see chart 2 and table 5).The lifetime loss expectations for series 2018-1 and 2020-1 were revised in July 2021. All threeoutstanding series were performing in line with or better than our prior or initial loss expectations.(See "Ratings On Seven Mercedes-Benz Auto Receivables Trust 2018-1, 2019-1, And 2020-1Classes Affirmed, published July 14, 2021). In our view, all of the classes currently have adequatecredit enhancement at their current rating levels. We will continue to monitor the performance ofthe outstanding transactions to ensure that the credit enhancement remains sufficient, in ourview, to cover our CNL expectations under our stress scenarios for each of the rated classes.

Chart 2



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Performance Data For Outstanding MBART Transactions Rated By S&P GlobalRatings(i)

Transaction/Series MonthPool

Factor (%) CNL (%)60+ day

delinquency (%)Initial lifetime

expected CNL (%)

Revised lifetimeexpected CNL

(%)(ii)

2018-1 37 14.35 0.45 0.25 0.55-0.65 Up to 0.55

2019-1 23 33.60 0.33 0.11 0.55-0.65 0.55-0.65

2020-1 14 51.96 0.14 0.05 0.90-1.10 0.55-0.65

(i)As of the August 2021 distribution. (ii)Revised in July 2021. MBART--Mercedes-Benz Auto Receivables Trust. CNL--Cumulative net loss.

S&P Global Ratings' Expected Loss: 0.60%-0.70%

To derive our base-case loss for the MBART 2021-1 transaction, we examined the paid-off andoutstanding MBART securitization performance. We projected losses on the outstandingtransactions using the paid-off MBART securitization loss curves as well as a straight-line method(CNL over the amortized pool factor).

We also analyzed MBFS USA's originations static pool performance since 2006, segmented byoriginal loan term (greater than/less or equal to 60 months), new/pre-owned vehicle mix, and FICOscore band. We used the weighted average loss curve from 2006 to 2009 to project losses for eachcohort on more recent originations that have more than 12 months of performance data. Theseprojections were then weighted based on the MBART 2021-1 pool composition.

Based on our analysis of the MBART 2021-1 pool's credit quality, the MBART securitizationperformance, our origination static pool analysis, consideration of comparable pools from otherpeer prime issuers, and our forward-looking view of the economy, we expect the MBART 2021-1pool to experience CNLs of 0.60%-0.70%.

Cash Flow Modeling Assumptions And Results

We modeled the MBART 2021-1 transaction to simulate 'AAA' stress scenarios (see table 6). In ourmodeling approach, we used a bifurcated-pool method in which the subvened loans prepay atslower rates than the nonsubvened ones and the subvened loans' loss contribution to the pool'stotal aggregate losses is less than their proportional representation in the pool. Performance dataindicate that lower-APR loans tend to prepay and default less frequently than higher-APR loans.We modeled two loss scenarios to determine if payments could be made on the notes, using both afront- and back-loaded loss curve.

Table 6

Cash Flow Assumptions And Results (Bifurcated-Pool Approach)

Class A A

Scenario (preliminary rating) AAA (sf) AAA (sf)

Loss curve Front-loaded Back-loaded

CNL timing by months outstanding (actual) (12/24/36/48) (%)

Subvened CNL 42/78/92/100 39/76/93/100



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Table 6

Cash Flow Assumptions And Results (Bifurcated-Pool Approach) (cont.)

Nonsubvened CNL 50/90/100 50/85/98/100

Aggregate CNL 45/82/95/100 42/78/95/100

% subvened receivables 74 74

% nonsubvened receivables 26 26

Allocation of losses (%)(i)

Subvened 65 65

Nonsubvened 35 35

ABS voluntary prepayments (%)(i)

Subvened 0.25 0.25

Nonsubvened 1.80 1.80

Recoveries (%) 50 50

Recovery lag (mos.) 4 4

Servicing fee (%) 1.00 1.00

Approximate break-even levels (%)(ii) 7.0 7.0

(i)The subvened/nonsubvened cut-off annual percentage rate is 4.0%. (ii)The maximum cumulative net losses on the pool that the transactioncan withstand without triggering a payment default on the relevant class of notes. CNL--Cumulative net loss. ABS--Absolute prepaymentspeed.

In our internal cash flow scenarios, we applied the stresses outlined above. The break-evenresults show that the class A notes have sufficient credit enhancement to withstand a stressednet loss level that is consistent with the assigned preliminary 'AAA (sf)' ratings.

Sensitivity Analysis

In addition to analyzing break-even cash flows, we conducted a sensitivity analysis to determinewhether under a moderate ('BBB') stress scenario, all else being equal, our preliminary ratings willbe within the credit stability limits specified by section A.4 of the appendix contained in S&PGlobal Ratings Definitions (see "S&P Global Ratings Definitions," published Jan. 5, 2021). Wefound that our preliminary 'AAA (sf)' ratings on the notes are consistent with the tolerancesoutlined in those credit stability criteria. This indicates that we would not assign 'AAA' ratings if,under moderate stress conditions, the ratings would be lowered by more than one category withinthe first year.

Under the 1.60% moderate stress loss scenario (2.0x our base case loss level), we again ran abifurcated-pool method whereby the nonsubvened collateral defaulted and prepaid at higherrates than the subvened collateral and the nonsubvened collateral was allocated a higherproportion of the total losses than its representative proportion of the total pool balance (see table7 and chart 3).

Table 7

Sensitivity Analysis Summary--Moderate Loss Scenario

Cumulative net loss level (%) 2.00 2.00

Loss curve Front-loaded Back-loaded



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Table 7

Sensitivity Analysis Summary--Moderate LossScenario (cont.)

Loss timing by months outstanding (12/24/36/48) (%)

Subvened 42/78/92/100 37/73/92/100

Nonsubvened 50/90/100 50/85/95/100

Aggregate 45/82/95/100 42/78/93/100

Allocation of losses (%)(i)

Subvened 65 65

Nonsubvened 35 35

Voluntary ABS (%)(i)

Subvened 0.25 0.25

Nonsubvened 1.50 1.50

Servicing fee (%) 1.00 1.00

Recovery rate (%) 50 50

Recovery lag (mos) 4 4

(i)The subvened/nonsubvened cut-off annual percentage rate is 4.0%. ABS--Absolute prepayment speed.

Chart 3



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Legal Final Maturity

To test the legal final maturity dates set for the long-dated rated tranches (i.e., classes A-2 andA-3), we determined the date on which the respective notes were fully amortized in a zero-loss,zero-prepayment scenario and then added three months to the result. For the longest-datedsecurity (class A-4), we added at least six months to the tenor of the pool's longest receivable toaccommodate possible extensions on the receivables. Furthermore, in the break-even cash flowscenarios for the preliminary ratings, we confirmed that there was sufficient credit enhancementto both cover losses and repay the related notes in full by the legal final maturity date.

MBFS USA

MBFS USA is a wholly-owned indirect subsidiary of Daimler AG (A-/Stable/A-2), a Germancorporation that is a global producer of premium passenger cars and heavy- and medium-dutytrucks. MBFS USA is a Delaware limited liability company with its principal executive officeslocated in Farmington Hills, Mich., and its operating division located in Fort Worth, Texas.

MBFS USA provides brand-specific financial services and products for Mercedes-Benzautomotive dealers and their retail customers in the U.S. MBFS USA also services all contractsthat it purchases or originates.

Related Criteria

- Criteria | Structured Finance | General: Global Framework For Payment Structure And CashFlow Analysis Of Structured Finance Securities, Dec. 22, 2020

- Criteria | Structured Finance | Legal: U.S. Structured Finance Asset Isolation AndSpecial-Purpose Entity Criteria, May 15, 2019

- Criteria | Structured Finance | General: Counterparty Risk Framework: Methodology AndAssumptions, March 8, 2019

- Criteria | Structured Finance | General: Incorporating Sovereign Risk In Rating StructuredFinance Securities: Methodology And Assumptions, Jan. 30, 2019

- Criteria | Structured Finance | General: Global Framework For Assessing Operational Risk InStructured Finance Transactions, Oct. 9, 2014

- General Criteria: Global Investment Criteria For Temporary Investments In TransactionAccounts, May 31, 2012

- General Criteria: Principles Of Credit Ratings, Feb. 16, 2011

- Criteria | Structured Finance | ABS: General Methodology And Assumptions For Rating U.S. AutoLoan Securitizations, Jan. 11, 2011

- Criteria | Structured Finance | General: Methodology For Servicer Risk Assessment, May 28,2009



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Related Research

- U.S. Real-Time Data: Consumers Are Wary Of A COVID Resurgence Amid A Recovering LaborMarket, Aug. 13, 2021

- U.S. Biweekly Economic Roundup: A Medal Performance For Jobs Eases Fears About ASlowdown In The Recovery, Aug. 6, 2021

- Research Update: Automaker Daimler Upgraded To ‘A-’ As Strong Cash Flows FundAccelerating Electric Vehicle Transition; Outlook Stable, July 27, 2021

- U.S. Real-Time Data: Growth Is Still On Track Despite Rising COVID-19 Cases, July 23, 2021

- U.S. Biweekly Economic Roundup: Auto Sector Problems Leave Imprints Throughout MajorEconomic Data, July 16, 2021

- Ratings On Seven Mercedes-Benz Auto Receivables Trust 2018-1, 2019-1, And 2020-1 ClassesAffirmed, July 14, 2021

- Economic Outlook U.S. Q3 2021: Sun, Sun, Sun, Here It Comes, June 24, 2021

- Research Update: Automaker Daimler Outlook Revised To Positive From Stable On ImprovedCash Flow Prospects; ‘BBB+/A-2’ Ratings Affirmed, April 23, 2021

- U.S. Auto Loan ABS Is Navigating Through COVID-19 With Better-Than-Expected Performance,Feb. 10, 2021

- S&P Global Ratings Definitions, Jan. 5, 2021



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