BEIJING, March 23, 2021-S&P Global (China) Ratings has assigned its AAA_spc(sf) ratings to the Class A-1 and Class A-2 notes of Fuyuan 2021-1 Retail Auto Mortgage Loan Asset-Backed Securities, originated by Ford Auto Finance Company (FAFC). 

List of Ratings:  

Class A-1:  AAA_spc(sf)  

Class A-2: AAA_spc(sf)

Methodology Applied:  

S&P Ratings China--Structured Finance Methodology  

Related Research:  

Commentary: Understanding Our Approach to China Consumer Asset-Backed Securities  
Turning a Corner: China Corporate Outlook 2021

Model Applied:  

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

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

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