BEIJING, July 25, 2023- S&P Global (China) Ratings has conducted surveillance on the transaction Shanghe 2021 Phase I Green Retail Auto Loan Asset-backed Securities, originated by SAIC Finance.

Shanghe 2021 Phase I Green Retail Auto Loan Asset-backed Securities:

*S&P Global (China) Ratings had withdrawn its rating on the Class A1 Notes of this transaction following the notes’ complete paydown.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:

Enjie Zhang, Beijing; enjie.zhang@spgchinaratings.cn

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