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Presale: Autopia China 2020-2 Retail Auto Mortgage Loan Securitization Trust

S&P Global Ratings assigned its 'AAA (sf)' preliminary rating to the class A notes and 'A- (sf)' preliminary rating to the class B notes of asset-backed securities (ABS) to be issued by China Foreign Economy And Trade Trust Co. Ltd. (FOTIC) as trustee of the Autopia China 2020-2 Retail Auto Mortgage Loan Securitization Trust (the issuer). This is an auto loan securitization transaction sponsored by Beijing Hyundai Auto Finance Co. Ltd. (BHAF). The 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 'AAA' rating stress for the class A notes, and 'A-' rating stress for the class B notes.

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