<div id="readability-page-1"><div>Fitch Ratings-Hong Kong-11 December 2025:Fitch Ratings has assigned a final rating to Bavarian Sky China 2025-1's (BMW 2025-1) asset-backed fixed-rate notes. The senior class notes are backed by a pool of auto-loan receivables originated by BMW Automotive Finance (China) Co., Ltd. (BMWAFC) with a revolving period of 10 months. The rating on the senior notes addresses the timely payment of interest and ultimate repayment of principal by the legal final maturity date.Bavarian Sky China 2025-1----Senior ; Long Term Rating; New Rating; AAAsf; Rating Outlook Stable----Sub ; Long Term Rating; New Rating; NRsfTransaction SummaryThe notes are issued by China Foreign Economy and Trade Trust Co., Ltd. in its capacity as trustee of BMW 2025-1. At the initial cut-off date of 31 August 2025, the total collateral pool consisted of 41,490 auto loans with a total balance of around CNY6.0 billion.KEY RATING DRIVERSStresses Commensurate with Rating: Fitch assumes a base-case lifetime default rate of 1.4%, based on historical performance data, pool-cut composition, our expectation of a slowing economy and the potential migration of the portfolio composition during the revolving period. We applied a stress multiple of 6.25x at 'AAAsf' on defaults to stress the transaction cash flow, above the top end of the criteria's multiple range, to account for the potential increased risk characteristics of the underlying pool during the 10-month revolving period.Sequential Paydown Structure: The senior notes are a pass-through tranche in the amortisation period and no principal payment is made to the subordinated notes until the senior notes are fully repaid. Credit enhancement (CE) includes subordinated notes, excess spread (if any), and a non-amortising cash reserve sized at 1.0% of the initial pool balance. The rated notes can withstand corresponding rating stresses applied in the cash flow analysis.Moderate Migration Risk: Fitch considers the risk of pool migration towards riskier attributes during the 10-month revolving period in our analysis and estimates around 45% of assets may be replaced by the end of the revolving period. A lower asset margin is assumed, as additional purchased receivables may have a lower margin than the initial pool.Robust Legal Structure: The legal opinion states that the trust property transferred to the trust will be isolated from the property of the originator, which underpins Fitch's quantitative analysis.Counterparty Risk Mitigated: The transaction has mechanisms that ensure remedial action takes place if the fund custodian's Fitch rating falls below the eligible ratings of 'A' or 'F1'. Fitch has assessed that the transaction is subject to commingling risk of 4.5% of the initial asset balance, which has been accounted for in the cash flow analysis.Experienced Servicer: BMWAFC is an experienced originator and servicer for China's auto ABS transactions and has been active in the securitisation market since 2014. Fitch conducted an originator and servicer review and found that the operation, underwriting, risk management and servicing procedures are satisfactory, as demonstrated by their historical delinquency and loss rates, and comparable with those of other auto-finance companies.Soft Economic Environment: We forecast China's GDP will grow by 4.8% in 2025 before slowing to 4.1% in 2026 and 2027, with higher contribution from net exports offsetting weaker domestic demand.RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/DowngradeUnanticipated increases in the frequency of defaults or decreases in recovery rates could produce larger losses than the base case and lead to negative rating action. The sensitivities are based on the analysis at the time of the expected rating.Expected impact on the note rating of increased defaults:10% increase in defaults: AA+sf25% increase in defaults: AAsf50% increase in defaults: A+sfExpected impact on the note rating of decreased recoveries:10% decrease in recoveries: AAAsf25% decrease in recoveries: AA+sf50% decrease in recoveries: AA+sfExpected impact on the note rating of a simultaneous increase in defaults and decrease in recoveries:10% increase in defaults, 10% decrease in recoveries: AA+sf25% increase in defaults, 25% decrease in recoveries: AAsf50% increase in defaults, 50% decrease in recoveries: AsfFactors that Could, Individually or Collectively, Lead to Positive Rating Action/UpgradeThe senior notes are rated at 'AAAsf'. This is the highest end of the rating scale and no upgrade is possible.USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action.DATA ADEQUACYFitch reviewed the results of a third-party assessment conducted on the asset portfolio information, and concluded that there were no findings that affected the rating analysis.Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable.Date of Relevant Committee 25 November 2025 REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The principal sources of information used in the analysis are described in the Applicable Criteria.The issuer has informed Fitch that not all relevant underlying information used in the analysis of the rated notes is public.ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visit https://www.fitchratings.com/topics/esg/products#esg-relevance-scores. Contacts:Primary Rating AnalystJason Chiu,Director+852 2263 9959jason.chiu@fitchratings.comFitch (Hong Kong) Limited19/F Man Yee Building 60-68 Des Voeux Road CentralHong KongSecondary Rating AnalystGrace Li,Director+852 2263 9936grace.li@fitchratings.comSurveillance Rating AnalystJason Chiu,Director+852 2263 9959jason.chiu@fitchratings.comFitch (Hong Kong) Limited19/F Man Yee Building 60-68 Des Voeux Road CentralHong KongCommittee ChairpersonAtsushi Kuroda,Senior Director+81 3 6897 8985atsushi.kuroda@fitchratings.comMEDIA RELATIONS: Jack Li, Beijing, Tel: +86 10 5957 0964, Email: jack.li@thefitchgroup.comPeter Hoflich, Singapore, Tel: +65 6796 7229, Email: peter.hoflich@thefitchgroup.comVivian Kam, Hong Kong, Tel: +852 2263 9612, Email: vivian.kam@thefitchgroup.comAdditional information is available on www.fitchratings.comApplicable ModelNumbers in parentheses accompanying applicable model(s) contain hyperlinks to criteria providing description of model(s).Consumer ABS Asset Model, v1.3.0 (1)Multi-Asset Cash Flow Model, v3.7.0 (1)ADDITIONAL DISCLOSURESDodd-Frank Rating Information Disclosure FormSolicitation StatusAdditional Disclosures For Unsolicited Credit RatingsEndorsement StatusEndorsement PolicyALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 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BMWYY

Fitch Ratings assigned a final AAA rating to Bavarian Sky China 2025-1's asset-backed notes, backed by BMW auto-loan receivables. The senior notes have a stable outlook, supported by a robust legal structure and experienced servicer. Fitch's analysis considers potential risks during the revolving period, with stress tests applied to ensure cash flow resilience. China's GDP growth forecast and counterparty risk mitigation are also factors in the rating assessment.

Fitch Assigns Final Rating to Bavarian Sky China 2025-1; Outlook Stable