BEIJING, September 12, 2023- S&P Global (China) Ratings has assigned its rating AAA_spc(sf) to Silver Arrow China 2023-2 Retail Auto Loan Asset Backed Notes (SAC 2023-2) senior notes of Class A (Class A). The transaction was originated by Mercedes-Benz Auto Finance Co., Ltd. (MBAFC).

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: 2023 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

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

我们认为，8月以来房地产政策的及时调整有助于遏制当下市场销售的下滑趋势。自7月末中央政治局会议定调“房地产市场供求关系已发生重大变化”后，多项房地产调整优化政策密集出台，包括降低首套及二套房首付比例、一线城市全面实行“认房不认贷”、存量房贷利率调整等。我们认为，“认房不认贷”等政策的落地能够切实释放部分刚需购房群体被抑制的需求，9月以来北京、上海二手房及新房市场活跃度明显上升。

On September 26, 2023, S&P Global (China) Ratings published its credit rating report on Kookmin Bank (China) Limited. Please click the link below to read.

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标普信评评定渣打银行（中国）有限公司2023年第一期金融债券的债项信用等级为AAA_spc。

以下链接为相关债项信用等级通知全文。