S&P Global Ratings placed a preliminary AAA (sf) rating on Silver Arrow China 2024-3 Retail Auto Loan Asset Backed Notes Trust's 6 million renminbi, class A notes, according to a Wednesday release.
China Foreign Economy and Trade Trust will issue the notes under its trustee role.
Meanwhile, Mercedes-Benz Auto Finance originated the pool of passenger vehicle-secured consumer loan contracts that backs the notes.
S&P views the credit risk linked to the underlying collateral and the credit support in terms of subordination and overcollaterization as aligned with the credit risk under AAA rating stresses.
The rating agency also believes that the use of interest and principal collections from the loan pool and a liquidity reserve will ensure timely payment of senior expenses and coupon.
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