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How We Distinguish Between Ongoing and Extraordinary Group Support When Rating Financial Institutions

Our Approach to Analyzing Commercial Leasing Companies

评级行动:评定“速利银丰中国梅赛德斯-奔驰租赁有限公司2022年度第一期资产支持票据” 优先级票据信用等级为AAAspc(sf)

Rating Action: Silver Arrow Benz Leasing 2022-1 ABN Senior Notes Assigned AAAspc(sf) Ratings

Credit Analysis of China’s Four G-SIBs’ TLAC-Eligible Non-Capital Bonds


How We Distinguish Between Ongoing and Extraordinary Group Support When Rating Financial Institutions

Group influence is integral to the credit quality of many financial institutions. Group influence can either be positive support or negative intervention, and it can come in two forms – ongoing influence or extraordinary influence. An entity’s stand-alone credit profile (“SACP”) typically incorporates a group’s ongoing positive or negative influence on the rated entity. However, SACP does not reflect the positive or negative impact a group may have during an extraordinary crisis scenario. From our desktop analysis of 500 major financial institutions in China, we found most group influence is positive. However, there are some cases where group influence has a negative impact.

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评级行动:评定“速利银丰中国梅赛德斯-奔驰租赁有限公司2022年度第一期资产支持票据” 优先级票据信用等级为AAAspc(sf)

北京,2022年5月19日-标普信评今日宣布,已评定“速利银丰中国梅赛德斯-奔驰租赁有限公司2022年度第一期资产支持票据”项下优先级资产支持票据(以下简称“优先级票据”)的信用等级为AAAspc(sf)。该交易由梅赛德斯-奔驰租赁有限公司发起。

 

等级列表:  

优先级: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

 

相关模型:  

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

张恩杰,北京;enjie.zhang@spgchinaratings.cn

李佳蓉,北京;jiarong.li@spgchinaratings.cn

杜洁琼,北京;jieqiong.du@spgchinaratings.cn

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Rating Action: Silver Arrow Benz Leasing 2022-1 ABN Senior Notes Assigned AAAspc(sf) Ratings

BEIJING, May 19, 2022- S&P Global (China) Ratings has assigned its rating AAAspc(sf) to Silver Arrow Benz Leasing 2022-1 Asset Backed Notes (SABL 2022-1 ABN) Senior Notes. The transaction was originated by Mercedes-Benz Leasing Co. Ltd. (MBLC).

 

List of Ratings:

Senior: 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
 
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

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



Credit Analysis of China’s Four G-SIBs’ TLAC-Eligible Non-Capital Bonds

We expect the issuance of non-capital bonds to play an important role in ensuring China’s 4 G-SIBs meet total-loss-absorbing capacity (TLAC) standards. At the end of April 2022, the People's Bank of China (PBoC) and China Banking and Insurance Regulatory Commission (CBIRC) jointly issued a notice on TLAC-eligible non-capital bonds issued by global systemically important banks (G-SIBs). The notice follows TLAC-related management measures for G-SIBs which were released by the PBoC, CBIRC and Ministry of Finance in October 2021, and clarifies the key attributes and issuance regulations applicable to TLAC-eligible non-capital bonds.

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