On September 14, 2020, S&P Global (China) Ratings assigned its AAAspc(sf) rating to the Class A notes of Silver Arrow China 2020-2 Retail Auto Loan Asset Backed Notes transaction issued by China Foreign Economy and Trade Trust (FOTIC) as trustee of MBAFC.

List of Ratings:

Class A: AAAspc(sf)

Methodology Applied:

S&P Ratings China--Structured Finance Methodology

Related Research:

Commentary: Understanding Our Approach to China Consumer Asset-Backed Securities

Models Applied:

SPG China Ratings Cash Flow Engine

Media Contacts:

Sharon Tang, Beijing, (86)10-6569-2988; sharon.tang@spgchinaratings.com

Analyst Contacts:

Enjie Zhang, Beijing; enjie.zhang@spgchinaratings.cn

Heming Yu, CFA, Beijing; heming.yu@spgchinaratings.cn

Jieqiong Du, Beijing; jieqiong.du@spgchinaratings.cn

(Note: This document is prepared in both English and Chinese. The English translation is for reference only, and the Chinese version will prevail in the event of any inconsistency between the English version and the Chinese version.)