���������ֳ�

Asset Performance Outlook: Neutral ���������ֳ�’ sector outlook for US and EMEA asset-backed commercial paper (ABCP) is neutral for 2022. The neutral asset performance reflects the same outlook for structured finance with the financial institutions’ outlook providing full support for most ���������ֳ�-rated ABCP conduits across the two regions. US ABCP portfolios are largely exposed to corporate and commercial loans, auto loans and trade receivables. EMEA conduits are skewed toward trade receivables, auto loans and consumer loans. Portfolio compositions have remained largely stable and ���������ֳ� does not anticipate a near-term shift. In both regions, issuance volumes in ABCP were largely stable in 2021, a trend we expect to continue in the near term.