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���������ֳ� has rated 215 subscription finance facilities (SFFs) , as of 12 December 2024, since publishing its Subscription Finance Rating Criteria in June 2023. The data in this report cover 150 facilities rated since the criteria were published, with 80 unique general partners (GPs), totalling USD190 billion in total facilities’ size, as of end-3Q24, which implies about 19% of exposure to the SFF market of approximately USD 1 trillion. Unless noted otherwise, all data in this report are as of end-3Q24. The majority of the ratings were requested by banks or non-bank lenders, with the rest requested directly by GPs. A total of 26 different parties requested ratings on SFFs. This report presents an analysis of aggregated data of rated SFFs, focusing on the key factors driving the quantitative rating indications (QRIs) and the qualitative assessments (QAs). For more information about the factors influencing SFF ratings, please see the criteria report.