BEIJING, October 18, 2021- S&P Global (China) Ratings has assigned its rating AAA_spc(sf) to the Bavarian Sky China 2021-3 Retail Auto Loan Asset Backed Notes (BSC 2021-3) Senior Notes. The notes are backed by auto loans that were originated BMW AFC.

List of Ratings:

Senior: 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:

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

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

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