BEIJING, July 29, 2022- S&P Global (China) Ratings has conducted surveillance on two transactions under the Gongyuanleju Series of Residential Mortgage-Backed Securities, originated by Industrial and Commercial Bank of China (ICBC).
Gongyuanleju 2021-4 Residential Mortgage-Backed Securities:
Gongyuanleju 2021-10 Residential Mortgage-Backed Securities:
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
Models Applied:
SPG China Ratings 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
Jiarong Li, Beijing; jiarong.li@spgchinaratings.cn
