BEIJING, July 25, 2023- S&P Global (China) Ratings has conducted surveillance on two transactions under the Toyota Glory Series of Auto Loan Credit Asset-Backed Securities, originated by Toyota Motor Finance (China) Company Limited (TMF).
Toyota Glory 2021 Phase II Retail Auto Loan Credit Asset-backed Securities:
Toyota Glory 2022 Phase I Retail Auto Loan Credit Asset-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 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
