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Presale: Zhaoyin HeJia 2020-5 Residential Mortgage Backed Securitization Trust

We assigned our 'AAA (sf)' preliminary ratings to the class A-1 and class A-2 (collectively class A notes) to be issued by Huaneng Guicheng Trust Corp. Ltd. as trustee of Zhaoyin HeJia 2020-5 Residential Mortgage Backed Securitization Trust. The originator is China Merchants Bank Co. Ltd (CMB). The preliminary ratings primarily reflect the following factors. The credit risk associated with the underlying mortgage pool and the credit support available are commensurate with our view of credit risk under a 'AAA' rating stress.

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