Fitch Ratings has affirmed Arabella Finance DAC/Arabella Finance LLC's asset-backed commercial paper (ABCP) short-term rating at 'F2sf' and has subsequently withdrawn the rating.

RATING ACTIONS

Entity / Debt

Rating

Prior

Arabella Finance DAC/Arabella Finance LLC

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Withdrawn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 Ireland whose purpose is to issue ECP, co-issue USCP with Arabella Finance LLC and to provide funding for purchasers to acquire assets. Both the issuer and co-issuer (together the co-issuers) have entered into administrative, hedging and other ancillary agreements to carry out their purpose.

Fitch has chosen to withdraw Arabella Finance DAC/Arabella Finance LLC ABCP's rating for commercial reasons.

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 UniCredit AG, the liquidity provider.

Experienced ABCP Administrator: UniCredit has managed conduit programmes since 1999 and Arabella since its inception in 2001. UniCredit is responsible for facilitating the purchase of assets, requesting funding under various facilities, arranging issuances of ABCP, and maintaining and operating the conduit's accounts, among other tasks. Fitch considers UniCredit's capabilities to be in line with market peers.

Interest Rate/Currency Risk Mitigated: Each purchaser and issuer must enter into appropriate hedge agreements as recommended by UniCredit, as a hedging agent under the hedging deed before the issuance of ABCP. If the hedging agent does not perform its duties, it must also indemnify the issuer or purchaser for the resulting related shortfall in time to repay maturing ABCP as required and subject to certain conditions.

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Not relevant as rating has been withdrawn.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Not relevant as rating has been withdrawn.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

Arabella Finance DAC/Arabella Finance LLC

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 UniCredit Bank AG.

Additional information is available on www.fitchratings.com

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