BEIJING, June 4, 2021-S&P Global (China) Ratings has assigned its AAA_spc(sf) ratings to the Class A1, Class A2 (Class A notes) and Class B notes (Class A and Class B notes as Senior notes) of Shanghe 2021 Phase I Green Retail Auto Loan Asset-backed Securities, to be originated by SAIC Finance. This issuance is SAIC Finance’s first ABS transaction where the asset pool is 100% NEV mortgage loans.

List of Ratings:  

Class A1:  AAA_spc(sf)  

Class A2:  AAA_spc(sf)  

Class B:  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
The Journey Ahead: A Look At China’s Auto ABS Sector 2021 Edition

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