We assigned our 'AA+ (sf)' preliminary rating to the senior notes to be issued by Shanghai International Trust Co. Ltd. as trustee of Ruize Tianchi 2023 Phase II Retail Auto Mortgage Loan Securitization Trust (the issuer). This is an auto loan securitization transaction originated by Chery Huiyin Motor Finance Service Co. Ltd. (CFC). The preliminary rating reflects 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 a 'AA+' rating stress for the senior notes. Our assessment of credit risk takes into account originator CFC's underwriting standards and centralized approval process, which are comparable to major peers in the China auto finance