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Related Content: Subscription Finance Rating Criteria

���������ֳ�-New York-11 April 2025: ���������ֳ� has updated its Subscription Finance Rating Criteria to replace the previous version published on 8 June 2023. The update has not resulted in any changes to existing Subscription Finance ratings.

The main changes are as follows:

--Expanded the scope of the criteria to include the potential to rate unsecured and non-recourse obligations provided appropriate structural mitigants are in place;

--Added a support framework to assess facilities backed by concentrated pools of unrated limited partners;

--Added the ability to assign separate borrower ratings to facilities without cross-collateralisation if cross-default terms do not materially credit-link borrowers;

--Clarified how the criteria would be applied in the context of a securitisation of subscription finance facilities;

--Clarified the weights ���������ֳ� typically applies to qualitative assessment factors, and attributes that could prompt a deviation from typical weights; and

--Clarified the QRI’s sensitivity to changes in investor designations, providing an example in the appendix.

The updated criteria report is available at  or by clicking the link above.

Contact:

Greg Fayvilevich
Managing Director, Fund & Asset Manager Ratings
+1 212 908 9151

���������ֳ� Ltd
30 North Colonnade
London
E14 5GN

Peter Gargiulo
Senior Director, Fund & Asset Manager Ratings
+1 212 612 7762









Media Relations: Athos Larkou, London, Tel: +44 20 3530 1549, Email: athos.larkou@thefitchgroup.com
Anne Wilhelm, New York, Tel: +1 212 908 0334, Email: anne.wilhelm@thefitchgroup.com
Peter Hoflich, Singapore, Tel: +65 6796 7229, Email: peter.hoflich@thefitchgroup.com

Additional information is available on


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