Dagong Global Credit Rating Co., Ltd. (hereinafter referred as Dagong) rated “Jieying” , loans for personal consumption asset-backed securities (ABS), issued by Home Credit Consumer Finance Co., Ltd. (hereinafter referred as Home Credit), Serial 1 Jieying ABS being rated AAAsf and Serial 2, AA+sf.
Dagong contributed its expertise and innovation to the issuance of “Jieying”. As the earliest organization specialized in researching asset-backed securitization theories, developing relevant technologies and proffering related services, Dagong devotes itself to product innovation and quality rating information. Consumer finance has been one of Dagong’s focuses. In addition to Home Credit, Dagong rated renowned ABS projects of CreditEase, Baidu, China Foreign Economy and Trade Trust Co., Ltd, QUDIAN, and Sichuan Tianfu Bank, demonstrating Dagong’s professionalism and influence in ABS products.
The loan for personal consumption is an emerging financial business in China. It rose to 4,930 billion yuan in 2016 from 1,940 billion yuan in 2012. ABS for consumption financial assets are flourishing and consumption loans have become the most prominent product in ABS market.
In November 2010, PPF Group N.V., an international consumer finance provider, founded Home Credit, one of the four pilot consumer finance enterprises approved by China Banking Regulatory Commission and the only wholly foreign-owned enterprise (WFOE) of consumer finance in China. Home Credit disperses its funds and lends them in small amount to low & middle income clients, generating steady and rapid revenues. It has also made a development plan revolving around products, channels and the platform, and established a control system.
In March 2017, Home Credit has been approved by the People’s Bank of China to issue up to 15 billion worth of “Jieying”. In July 20 2017, Home Credit issued the third project of “Jieying” in 2017, reaching 2.869 billion yuan. Until now, Home Credit has issued four projects of loans for personal consumption ABS, 7.759 billion yuan in aggregate, all of which were rated by Dagong.
 Wholly Foreign Owned Enterprises.
 “SF” is acronym for “Structured Finance”.