BEIJING, August 10, 2021- S&P Global (China) Ratings has assigned its rating AAA_spc(sf) to the Toyota Glory 2021 Phase II Retail Auto Loan Credit Asset-backed Securities (Toyota Glory 2021-2) Class A notes. The notes are backed by auto loans that were originated by Toyota Motor Finance (China) Company Limited (TMF).

List of Ratings:

Class A: AAA_spc(sf)

Methodology Applied:

S&P Ratings China--Structured Finance Methodology

Related Research:

Commentary: Understanding Our Approach to China Consumer Asset-Backed Securities
The Road to Recovery: China Corporate Mid-Year 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:

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

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

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