2023 Annual Surveillance--Zhaoyin Hejia 2021-1 Residential Mortgage-Backed Securities Transaction

Rating Reports

07 25 , 2023

Beibei Shi Siyue Zhu

Rating Action: 2023 Annual Surveillance--Zhaoyin Hejia 2021-1 Residential Mortgage-Backed Securities Transaction

Structured Finance

Issuer Credit Rating：-

Issue Credit Rating： AAAspc(sf)

Outlook: -

BEIJING, July 25, 2023- S&P Global (China) Ratings has conducted surveillance on the transaction Zhaoyin Hejia 2021-1 Residential Mortgage-Backed Securities, originated by China Merchants Bank Co., Ltd.

Zhaoyin Hejia 2021-1 Residential Mortgage-Backed Securities:

Class	Current Rating	Previous Rating
A-1	N/A*	N/A*
A-2	AAA_spc(sf)	AAA_spc(sf)
A-3	AAA_spc(sf)	AAA_spc(sf)
A-4	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*S&P Global (China) Ratings had withdrawn its rating on the Class A-1 Notes of this transaction following the notes’ complete paydown.

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

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

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