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Low Leverage Underpins Credit Quality of Chinese Securities Firms Amid Heightened Market Uncertainty | A Study on Credit Quality Differentiation of Securities Firms in China

Rating Action: Rating Withdrawn on Zhongyu 2022-2 Senior Notes Following Note Paydowns

评级行动:终止“中誉2022-2”优先档证券的信用等级

Rating Action:Rating Withdrawn on SAC 2020-2 Class A Notes Following Note Paydowns

评级行动:终止“速利银丰2020-2” A级证券的信用等级 


Low Leverage Underpins Credit Quality of Chinese Securities Firms Amid Heightened Market Uncertainty | A Study on Credit Quality Differentiation of Securities Firms in China

- Securities firms’ high exposure to the equity market is partially balanced out by the industry's low leverage.

- We believe Chinese securities firms are subject to prudent and rigorous regulation with supervisory requirements on their capital, risk and liquidity metrics, which is another contributing factor to the sector’s stability.

- Increased stock market activities have supported securities firms’ earnings in recent years. Brokers have also reduced their stock-pledged lending assets, reducing their credit risk exposure. These factors are positive for the sector’s credit outlook for the next 12 months.

- We believe Chinese securities firms show varying credit quality. Based on our testing results, the indicative stand-alone credit quality of securities firms ranges from [aspc+] to [bspc-], and indicative issuer credit quality ranges from [AAspc] to [Bspc-].

- We believe that the securities sector poses small systemic risk to the financial system. More than 90% of securities sector assets are with brokers with investment grade credit quality.



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Rating Action: Rating Withdrawn on Zhongyu 2022-2 Senior Notes Following Note Paydowns

BEIJING, September 28, 2022- S&P Global (China) Ratings today announced that it has withdrawn its rating on the Senior Notes of the Zhongyu 2022-2 Non-Performing Asset Backed Securities (Zhongyu 2022-2) follows the complete paydown of the notes as reflected in the trustee report for the transaction, which was originated by Bank of China (BOC).

 

Rating Withdrawn:

Senior Notes: AAAspc(sf)

 

Methodology Applied:

S&P Ratings China--Structured Finance Methodology

 

Related Research:

Commentary: Understanding Our Approach to China Consumer Asset-Backed Securities

Seeking Growth and Stability | China Outlook 2022

FAQs on Banks’ Nonperforming Assets and Securitization 

 

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 

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



评级行动:终止“中誉2022-2”优先档证券的信用等级

北京,2022年9月28日-标普信评今日宣布,根据中誉2022年第二期不良资产证券化信托受托机构报告,“中誉2022年第二期不良资产支持证券”(简称“中誉2022-2”)项下的优先档资产支持证券(以下简称“优先档证券”)已经全部偿付完毕,因此终止由中国银行股份有限公司发起的“中誉2022-2”项下优先档证券的信用等级。

 

终止前的信用等级列表:  

优先档证券:AAAspc(sf)

 

相关方法:  

标普信用评级(中国)— 结构融资评级方法论  

  

相关评论与研究:  

评论:解读标普信用评级(中国)个人消费贷款资产支持证券分析方法

稳中求进 | 标普信评2022年行业展望

评论:银行不良资产和不良资产证券化答疑

 

传媒联络人:

汤劭颖,北京;(86)10-6569-2988;sharon.tang@spgchinaratings.cn

 

分析师

张恩杰,北京;enjie.zhang@spgchinaratings.cn

朱偲玥,北京;april.zhu@spgchinaratings.cn

杜洁琼,北京;jieqiong.du@spgchinaratings.cn

 
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Rating Action:Rating Withdrawn on SAC 2020-2 Class A Notes Following Note Paydowns

BEIJING, September 28, 2022- S&P Global (China) Ratings today announced that it has withdrawn its rating on the Class A Notes of the Silver Arrow China 2020-2 Retail Auto Loan Backed Securities(SAC 2020-2) follows the complete paydown of the notes as reflected in the latest trustee report for the transaction,which was originated by Mercedes-Benz Auto Finance LTD.

 

 

Rating Withdrawn:

Class A: AAAspc(sf)

 

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:

Beibei Shi, Beijing;     beibei.shi@spgchinaratings.cn  

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



评级行动:终止“速利银丰2020-2” A级证券的信用等级 

北京,2022年9月28日-标普信评今日宣布,根据速利银丰中国2020年第二期个人汽车抵押贷款支持证券(简称“速利银丰2020-2”)的最新受托机构报告,速利银丰2020-2项下的A级资产支持证券(简称“A级证券”)已经全部偿付完毕,因此终止由梅赛德斯-奔驰汽车金融有限公司发起的速利银丰2020-2项下A级证券的信用等级。

 

终止前的信用等级列表:  

A级证券:AAAspc(sf)

 

相关方法:  

标普信用评级(中国)— 结构融资评级方法论  

  

相关评论与研究:  

评论:解读标普信用评级(中国)个人消费贷款资产支持证券分析方法

 

模型:

标普信用评级(中国)结构融资现金流模型

 

传媒联络人:

汤劭颖,北京;(86)10-6569-2988;sharon.tang@spgchinaratings.cn

 

分析师

施蓓蓓,北京;beibei.shi@spgchinaratings.cn

李佳蓉,北京;jiarong.li@spgchinaratings.cn

 
Click here to view the English version.