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Presale: Bavarian Sky China 2020-2

We assigned our 'AAA (sf)' preliminary ratings to the class A1 and A2 notes to be issued by China Foreign Economy And Trade Trust Co. Ltd. (FOTIC) as trustee of Bavarian Sky China 2020-2 (the issuer). This is an auto loan securitization transaction originated by BMW Automotive Finance (China) Co. Ltd. (BMWAFC). The preliminary ratings reflect the following factors. The credit risk associated with the underlying collateral portfolio and the credit support available are commensurate with our view of credit risk under a 'AAA' rating stress.