OREANDA-NEWS. Fitch Ratings has affirmed Aquarius + Investments PLC's USD150m Series 2015-4 secured funding notes due 2018 at 'A+sf'. The Outlook is Stable. This transaction is backed by a portfolio of charged assets subject to substitution under the repurchase agreement.

KEY RATING DRIVERS

The rating reflects the default risk of the repo counterparty, BNP Paribas (A+/Stable), London branch. The Stable Outlook is driven by that of the Long-Term Issuer Default Ratings (IDR) on BNP Paribas.

In accordance with the repurchase agreement, the repo counterparty repurchases the securities with a defined repurchase price on each roll date so that the issuer can pay the principal and interest on the notes in a timely manner. The repo counterparty is obliged to ensure that the market value of the charged assets held by the issuer is maintained at a certain level as stipulated in the transaction documents.

RATING SENSITIVITIES

The rating of the notes is sensitive to changes in the Long-Term IDR of the repo counterparty, BNP Paribas. A rating action on the counterparty would lead to a similar rating action on the notes.

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.

REPRESENTATIONS, WARRANTIES AND ENFORCEMENT MECHANISMS

A description of the transaction's representations, warranties and enforcement mechanisms (RW&Es) that are disclosed in the offering document and which relate to the underlying asset pool was not prepared for this transaction. Offering documents for single - and multi-name credit-linked notes (CLNs) transactions do not typically include RW&Es that are available to investors and that relate to the asset pool underlying the security. Therefore, Fitch credit reports for CLN transactions will not typically include descriptions of RW&Es. For further information, please see Fitch's Special Report titled "Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions," dated 31 May 2016.

DATA ADEQUACY

The risk presenting entity has a rating from Fitch. Fitch has relied on the practices of the relevant Fitch groups to assess the entity information.

Overall, Fitch's assessment of the entity information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable.

The publication of a Representations, Warranties and Enforcement Mechanisms appendix is not required for this transaction.