BEIJING, July 7, 2023- S&P Global (China) Ratings has conducted surveillance on twelve transactions under the Jianyuan Series of Residential Mortgage-Backed Securities, originated by China Construction Bank Corp. (CCB).
Jianyuan 2019-10 Residential Mortgage-Backed Securities:
Class | Current Rating | Previous Rating |
A-1 | N/A* | N/A* |
A-2 | AAAspc(sf) | AAAspc(sf) |
A-3 | AAAspc(sf) | AAAspc(sf) |
*As of the end of the current surveillance period, S&P Global (China) Ratings had withdrawn its rating on the Class A-1 Notes of this transaction following the notes’ complete paydown. |
Jianyuan 2019-12 Residential Mortgage-Backed Securities:
Class | Current Rating | Previous Rating |
A-1 | N/A* | AAAspc(sf) |
A-2 | AAAspc(sf) | AAAspc(sf) |
A-3 | AAAspc(sf) | AAAspc(sf) |
*As of the end of the current surveillance period, S&P Global (China) Ratings had withdrawn its rating on the Class A-1 Notes of this transaction following the notes’ complete paydown. |
Jianyuan 2020-2 Residential Mortgage-Backed Securities:
Class | Current Rating | Previous Rating |
A-1 | N/A* | N/A* |
A-2 | AAAspc(sf) | AAAspc(sf) |
A-3 | AAAspc(sf) | AAAspc(sf) |
B | AAAspc(sf) | AAAspc(sf) |
*As of the end of the current surveillance period, S&P Global (China) Ratings had withdrawn its rating on the Class A-1 Notes of this transaction following the notes’ complete paydown. |
Jianyuan 2020-4 Residential Mortgage-Backed Securities:
Class | Current Rating | Previous Rating |
A-1 | N/A* | AAAspc(sf) |
A-2 | AAAspc(sf) | AAAspc(sf) |
A-3 | AAAspc(sf) | AAAspc(sf) |
*As of the end of the current surveillance period, S&P Global (China) Ratings had withdrawn its rating on the Class A-1 Notes of this transaction following the notes’ complete paydown. |
Jianyuan 2020-10 Residential Mortgage-Backed Securities:
Class | Current Rating | Previous Rating |
A-1 | N/A* | AAAspc(sf) |
A-2 | AAAspc(sf) | AAAspc(sf) |
A-3 | AAAspc(sf) | AAAspc(sf) |
*As of the end of the current surveillance period, S&P Global (China) Ratings had withdrawn its rating on the Class A-1 Notes of this transaction following the notes’ complete paydown. |
Jianyuan 2020-13 Residential Mortgage-Backed Securities：
Class | Current Rating | Previous Rating |
A-1 | N/A* | AAAspc(sf) |
A-2 | AAAspc(sf) | AAAspc(sf) |
A-3 | AAAspc(sf) | AAAspc(sf) |
*As of the end of the current surveillance period, S&P Global (China) Ratings had withdrawn its rating on the Class A-1 Notes of this transaction following the notes’ complete paydown. |
Jianyuan 2021-1 Residential Mortgage-Backed Securities：
Class | Current Rating | Initial Rating |
A-1 | N/A* | AAAspc(sf) |
A-2 | AAAspc(sf) | AAAspc(sf) |
A-3 | AAAspc(sf) | AAAspc(sf) |
*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. |
Jianyuan 2021-4 Residential Mortgage-Backed Securities：
Class | Current Rating | Initial Rating |
A-1 | N/A* | AAAspc(sf) |
A-2 | AAAspc(sf) | AAAspc(sf) |
A-3 | AAAspc(sf) | AAAspc(sf) |
*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. |
Jianyuan 2021-6 Residential Mortgage-Backed Securities：
Class | Current Rating | Initial Rating |
A-1 | N/A* | AAAspc(sf) |
A-2 | AAAspc(sf) | AAAspc(sf) |
A-3 | AAAspc(sf) | AAAspc(sf) |
*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. |
Jianyuan 2021-7 Residential Mortgage-Backed Securities：
Class | Current Rating | Initial Rating |
A-1 | AAAspc(sf) | AAAspc(sf) |
A-2 | AAAspc(sf) | AAAspc(sf) |
A-3 | AAAspc(sf) | AAAspc(sf) |
Jianyuan 2021-8 Residential Mortgage-Backed Securities：
Class | Current Rating | Initial Rating |
A-1 | N/A* | AAAspc(sf) |
A-2 | AAAspc(sf) | AAAspc(sf) |
A-3 | AAAspc(sf) | AAAspc(sf) |
B | AAAspc(sf) | AAAspc(sf) |
*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. |
Jianyuan 2021-13 Residential Mortgage-Backed Securities：
Class | Current Rating | Initial Rating |
A-1 | AAAspc(sf) | AAAspc(sf) |
A-2 | AAAspc(sf) | AAAspc(sf) |
A-3 | AAAspc(sf) | AAAspc(sf) |
A-4 | AAAspc(sf) | AAAspc(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
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:
Beibei Shi, Beijing; beibei.shi@spgchinaratings.cn
Chengyun Li, Beijing; chengyun.li@spgchinaratings.cn
