BEIJING, July 30, 2021-On July 20, 2021, S&P Global (China) Ratings affirmed its AAAspc(sf) rating on the senior Class A notes of Driver China ten Auto Loan Backed Securities and Driver China eleven Auto Loan Backed Securities.
Driver China ten Auto Loan Backed Securities:
Class A Notes: AAAspc(sf)
Driver China eleven Auto Loan Backed Securities:
Class A Notes: AAAspc(sf)
S&P Global (China) Ratings’ affirmation of the above ratings reflects the following factors. Further details can be found in our methodology and within the full surveillance rating reports:
Credit Quality of the Securitized Assets
Payment Structure and Cash Flow Mechanics
Operational and Administrative Risk
Counterparty Risk
Legal and Regulatory Risk
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
Models Applied:
SPG China Ratings Structured Finance Cash Flow Engine
Media Contacts:
Sharon Tang, Beijing, (86)10-6569-2988; sharon.tang@spgchinaratings.cn
Analyst Contacts:
Enjie Zhang, Beijing; enjie.zhang@spgchinaratings.cn
Jiarong Li, Beijing; jiarong.li@spgchinaratings.cn
Siyue Zhu, Beijing; april.zhu@spgchinaratings.cn
Kaiyan Li, Beijing; kaye.li@spgchinaratings.cn
