BEIJING, March 13, 2024- S&P Global (China) Ratings has assigned its rating AAA_spc(sf) to Silver Arrow China 2024-1 Retail Auto Loan Asset Backed Notes (SAC 2024-1) senior notes of Class A (Class A). The transaction was originated by Mercedes-Benz Auto Finance Ltd.

List of Ratings:

Class A Note: 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: 2024 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:

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

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

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