BEIJING, May 19, 2023- S&P Global (China) Ratings has assigned its rating AAA_spc(sf) to Silver Arrow China Mercedes-Benz Leasing Co., Ltd. 2023-1 Asset Backed Notes (SABL 2023-1 ABN) Senior Notes. The transaction was originated by Mercedes-Benz Leasing Co. Ltd. (MBLC).

List of Ratings:

Senior: AAA_spc(sf)

Methodology Applied:

S&P Ratings China--Structured Finance Methodology

Related Research:

Commentary: Understanding Our Approach to China Consumer Asset-Backed Securities
The Post-Covid Recovery | China Outlook 2023

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

Jieqiong Du, Beijing; jieqiong.du@spgchinaratings.cn

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

The sales, price and financing indicators in April show that the real estate industry is under recovery and adjustment. The endogenous momentum of recovery has turned weak after the release of pent-up demand from January to March. The recovery is mainly reflected on the sales side, while newly launched projects and land investments remain sluggish due to high inventory, funding pressure and lack of confidence.

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北京，2023年5月31日—标普信评今日宣布，根据“德宝天元之信2021年第二期个人汽车抵押贷款资产支持证券”（简称“德宝天元之信2021-2”）的最新受托机构报告，“德宝天元之信2021-2”项下的A1级资产支持证券和A2级资产支持证券（简称“优先级证券”）已经全部偿付完毕，因此终止由宝马汽车金融（中国）有限公司发起的“德宝天元之信2021-2”项下的优先级证券的信用等级。

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北京，2023年5月31日—标普信评今日宣布，根据“睿程2021年第二期个人汽车抵押贷款资产支持证券”（简称“睿程2021-2”）的最新受托机构报告，“睿程2021-2”项下的优先级资产支持证券（简称“优先级证券”）已经全部偿付完毕，因此终止由北京现代汽车金融（中国）有限公司发起的“睿程2021-2”项下的优先级证券的信用等级。

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BEIJING, May 31, 2023-S&P Global (China) Ratings today announced that it has withdrawn its rating on the Class A1 and Class A2 notes (Senior Notes) of Bavarian Sky China 2021-2 Retail Auto Loan Asset Backed Notes (BSC 2021-2) follows the complete paydown of the notes as reflected in the latest trustee report for the transaction，which was originated by BMW AFC.