Fitch Ratings has given AAA(EXP)sf expected ratings to Ruize Tianchi 2024 Phase III Retail Auto Mortgage Loan Asset-Backed Securities' asset-backed fixed-rate notes, according to a Monday release.
The rating addresses the issuance's timely interest payment and ultimate principal repayment by the maturity date, Fitch said.
The notes' sequential paydown structure serves as a positive rating driver, the rating agency said.
Meanwhile, stresses that align with the rating, the notes' legal structure, and lower counterparty risk serve as neutral factors.
However, China's weak economy adversely affects the rating, with Fitch reducing its 2025 GDP forecast to 4.3% from 4.5%.
Chery Huiyin Motor Finance Service originated the pool of auto-loan receivables backing the notes.
Shanghai International Trust will issue the notes as trustee.
Fitch views Chery as an experienced servicer in the Chinese auto ABS market.
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