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Presale: Generation 2023-2 Retail Auto Mortgage Loan Securitization

We assigned our 'AAA (sf)' preliminary ratings to the class A1 and A2 notes to be issued by Shanghai International Trust Co. Ltd. as trustee of Generation 2023-2 Retail Auto Mortgage Loan Securitization (the issuer). This is an auto loan securitization transaction originated by Genius Auto Finance Co. Ltd. (GAFC). The preliminary ratings reflect the following factors. The credit risk associated with the underlying collateral portfolio and the credit support available are commensurate with S&P Global Ratings' view of credit risk under 'AAA' rating stress. Our assessment of credit risk also takes into account originator GAFC's underwriting standards and centralized approval process, which are comparable to major peers in the China auto finance industry, despite its relatively short operating history.


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