S&P Global (China) Ratings has assigned its AAA_spc(sf) ratings to the class A-1, A-2 and A-3 notes (Senior Notes) issued by CCB Trust Co. Ltd. as trustee of the Jianyuan 2021-4 Residential Mortgage Backed Securities.

List of Ratings:

A-1: AAA_spc(sf)

A-2: AAA_spc(sf)

A-3: AAA_spc(sf)

Subordinated: Not rated

Methodology Applied:

• S&P Ratings China--Structured Finance Methodology

Related Research:

• Commentary: Understanding Our Approach to China Residential Mortgage-Backed Securities

• Coronavirus: Understanding the Known Unknowns

• The Journey Ahead: A Look At China’s RMBS Sector (First Edition)

Models Applied:

• SPG China Ratings RMBS Credit Model

• SPG China Ratings Structured Finance Cash Flow Engine

Media Contacts:

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

Analyst Contacts:

Beibei Shi, CFA, Beijing; beibei.shi@spgchinaratings.cn

Jiarong Li, Beijing; jiarong.li@spgchinaratings.cn

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