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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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

On March 13, 2024, S&P Global (China) Ratings published its latest surveillance rating report on ICBC Financial Leasing Co., Ltd. Please click the link below to read in PDF.