Fitch Ratings has affirmed
RATING ACTIONS
Entity / Debt
Rating
Prior
ABCP
ST
F2sf
Affirmed
F2sf
ABCP
ST
WDsf
Withdrawn
F2sf
Page
of 1
VIEW ADDITIONAL RATING DETAILS
Transaction Summary
Arabella Finance DAC is an SPV incorporated in
Fitch has chosen to withdraw
KEY RATING DRIVERS
Full Liquidity Support: Liquidity support covers the credit risk for each transaction in Arabella's portfolio, irrespective of the performance of these assets. The rating of Arabella's ABCP depends on the short-term senior debt rating of
Experienced ABCP Administrator:
Interest Rate/Currency Risk Mitigated: Each purchaser and issuer must enter into appropriate hedge agreements as recommended by
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to negative rating action/downgrade:
Not relevant as rating has been withdrawn.
Factors that could, individually or collectively, lead to positive rating action/upgrade:
Not relevant as rating has been withdrawn.
Best/Worst Case Rating Scenario
International scale credit ratings of Structured Finance transactions have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of seven notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of seven notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings are based on historical performance. For more information about the methodology used to determine sector-specific best- and worst-case scenario credit ratings, visit https://www.fitchratings.com/site/re/10111579.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action.
DATA ADEQUACY
Fitch has not conducted any checks on the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring.
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.
PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
The ABCP rating is linked to the ratings of
Additional information is available on www.fitchratings.com
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