BEIJING, July 30, 2021- On July 20, S&P Global (China) Ratings affirmed its AAA_spc(sf) rating on the senior notes of the Jianyuan 2019-10, Jianyuan 2019-12, Jianyuan 2020-2, Jianyuan 2020-4, Jianyuan 2020-10 and Jianyuan 2020-13 Residential Mortgage Backed Securities transactions.

Jianyuan 2019-10 Residential Mortgage Backed Securities:

Class A-1 Notes: AAA_spc(sf)

Class A-2 Notes: AAA_spc(sf)

Class A-3 Notes: AAA_spc(sf)

Jianyuan 2019-12 Residential Mortgage Backed Securities: 

Class A-1 Notes: AAA_spc(sf)

Class A-2 Notes: AAA_spc(sf)

Class A-3 Notes: AAA_spc(sf)

Jianyuan 2020-2 Residential Mortgage Backed Securities: 

Class A-1 Notes: AAA_spc(sf)

Class A-2 Notes: AAA_spc(sf)

Class A-3 Notes: AAA_spc(sf)

Class B Notes: AAA_spc(sf)

Jianyuan 2020-4 Residential Mortgage Backed Securities: 

Class A-1 Notes: AAA_spc(sf)

Class A-2 Notes: AAA_spc(sf)

Class A-3 Notes: AAA_spc(sf)

Jianyuan 2020-10 Residential Mortgage Backed Securities: 

Class A-1 Notes: AAA_spc(sf)

Class A-2 Notes: AAA_spc(sf)

Class A-3 Notes: AAA_spc(sf)

Jianyuan 2020-13 Residential Mortgage Backed Securities: 

Class A-1 Notes: AAA_spc(sf)

Class A-2 Notes: AAA_spc(sf)

Class A-3 Notes: AAA_spc(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 Residential Mortgage-Backed Securities

Credit Quality Divergence of Domestic Banks Balanced by Government Support Amid COVID-19 | A Study on Credit Quality Differentiation of Domestic Banks in China

The Journey Ahead: A Look At China’s RMBS Sector (2021 Edition)

Models Applied:

SPG China Ratings Structured Finance 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:

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

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

Siyue Zhu, Beijing; april.zhu@spgchinaratings.cn

Kaiyan Li, Beijing; kaye.li@spgchinaratings.cn