BEIJING, July 29, 2022- S&P Global (China) Ratings has conducted surveillance on the transaction Fuyuan 2021-1 Retail Auto Mortgage Loan Asset-Backed Securities, originated by Ford Auto Finance Company (FAFC).
Fuyuan 2021-1 Retail Auto Mortgage Loan Asset-Backed Securities:
*As of the end of the current surveillance period, S&P Global (China) Ratings had withdrawn its rating on the Class A-1 Notes of this transaction following the notes’ complete paydown.
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
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
Jieqiong Du, Beijing; jieqiong.du@spgchinaratings.cn
