2023 Annual Surveillance--Gongyuanleju Series Residential Mortgage-Backed Securities Transactions

Rating Reports

07 25 , 2023

Beibei Shi Jiarong Li

Rating Action: 2023 Annual Surveillance--Gongyuanleju Series Residential Mortgage-Backed Securities Transactions

Structured Finance

Issuer Credit Rating：-

Issue Credit Rating： AAAspc(sf)

Outlook: -

BEIJING, July 25, 2023- 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:

Class	Current Rating	Previous Rating
A-1	N/A*	AAA_spc(sf)
A-2	AAA_spc(sf)	AAA_spc(sf)
*S&P Global (China) Ratings had withdrawn its rating on the Class A-1 Notes of this transaction following the notes’ complete paydown.

Gongyuanleju 2021-10 Residential Mortgage-Backed Securities:

Class	Current Rating	Previous Rating
A-1	AAA_spc(sf)	AAA_spc(sf)
A-2	AAA_spc(sf)	AAA_spc(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 Ris

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

Jiarong Li, Beijing; jiarong.li@spgchinaratings.cn

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