德宝天元之信2023年第一期个人汽车抵押贷款优先级资产支持证券跟踪评级获“AAAsf”评级

Core Viewpoint - China Chengxin International has assigned an "AAAsf" rating to the first phase of personal auto mortgage-backed securities from Debao Tianyuan Zhixin for 2023, indicating strong credit quality and performance of the underlying assets [1][2]. Group 1: Rating and Performance - The rating of "Debao Tianyuan Zhixin 2023 First Phase Personal Auto Mortgage-Backed Securities" remains "AAAsf" based on the performance of the underlying assets during the tracking period, including normal repayments, defaults, recoveries, and early repayments [2]. - During the tracking period, the priority securities received timely and full interest payments, with a total principal repayment of 494,266.80 million yuan as of the tracking benchmark date [2]. - The transaction maintains a certain level of over-collateralization, with an outstanding principal balance of 321,341.40 million yuan in the asset pool and a principal balance of 305,733.20 million yuan for the securities, resulting in an over-collateralization of 15,608.20 million yuan [2]. Group 2: Credit Support and Asset Quality - The credit support for the priority securities has increased, with 37.84% support calculated based on the outstanding principal balance of the asset pool, up by 24.59 percentage points from the previous rating date [2]. - The repayment performance of the underlying assets is strong, with 98.90% of loans in the asset pool being current, and a cumulative default rate of 0.23%, without triggering any monitoring indicators [2]. - The asset pool remains well-diversified, with 48,798 borrowers and an average outstanding principal amount per borrower of 0.0020%, while the top 50 borrowers account for only 0.60% of the outstanding principal [2]. Group 3: Economic Considerations - There are macroeconomic risks that could increase uncertainty regarding the future performance of the underlying assets, although policies aimed at stabilizing growth and expanding domestic demand in 2025 are expected to support economic recovery [2].