S&P Global Ratings assigned its 'AAA (sf)' rating to the class A notes issued by Chongqing International Trust Co. Ltd. as trustee of Anyihua 2023 Phase III Personal Consumption Loan Asset Backed Securities (the issuer). This is a consumer loan securitization transaction originated by Mashang Consumer Finance Co. Ltd. (Mashang CFC). The rating reflects the following factors. The credit risk associated with the underlying collateral portfolio and the credit support available are commensurate with our view of credit risk under a 'AAA' rating stress. Our assessment of credit risk takes into account the originator Mashang CFC's underwriting standards and centralized approval process, which are comparable to major peers in the China consumer finance industry. Credit support for the class A