BEIJING, July 18, 2023- S&P Global (China) Ratings has assigned its rating AAA_spc(sf) to Fuyuan 2023-2 Retail Auto Mortgage Loan Asset-Backed Securities (Fuyuan 2023-2) Class A-1 and Class A-2 (Class A notes). The transaction was originated by Ford Automotive Finance (China) Limited (FAFC).

List of Ratings:

Class A-1: AAA_spc(sf)

Class A-2: AAA_spc(sf)

Methodology Applied:
S&P Ratings China--Structured Finance Methodology
Related Research:
Commentary: Understanding Our Approach to China Consumer Asset-Backed Securities
China’s Auto ABS Sector Deep Dive: 2023 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

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

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