S&P Global Ratings ("S&P Global Ratings") provides a confidential point-in time credit assessment for the AFS AUTO-1 Trust.

In an endeavour to reduce the required credit support provided by AFS to the AFS AUTO-1 Trust warehouse, AFICO decided to assist its licensed credit provider business to secure a credit rating.

To expedite the process for the next round of facility extensions, AFICO deemed a point-in-time credit assessment (PIT-CA) more suited to the business's needs than a formal credit rating.

Extensive analysis of the pool of receivables and field audits were conducted by the S&P analysts, with in-depth analysis required due to the size of the pool, diversity of assets, and diversity of obligors.

The PIT-CA was issued 21 March 2019 on a confidential basis.

Brad Dale, Executive Director - AFS says,"We are extremely pleased with the outcome of our first [confidential] point-in-time credit assessment. Over recent years we have strategically shifted our asset finance receivables towards superior obligors but have not been in a position to consider a rating as considerable time is needed to enable the pool to season and to reflect the more rigorous underwriting standards. We are now confident that the minimum credit support for losses required by our funders will more accurately reflect the performance of loans being originated and sold into the Trust."

The S&P Global Ratings PIT-CA is confidential and is only able to be disclosed to third parties that are bound by appropriate confidentiality obligations; and in each case, only in accordance with law and in its entirety without any changes. Any investors interested in exploring debt capital funding opportunities should contact this office.