OREANDA-NEWS. Fitch Ratings has affirmed five credit-linked notes (CLN). A full list of rating actions is below.

The CLNs' ratings are directly linked to one or more risk-presenting entities as the transaction's underlying reference entity, swap counterparty and eligible investment.

KEY RATING DRIVERS
The affirmation reflects the Long-term Issuer Default Ratings of the risk-presenting entities associated with each note, which are unchanged since Fitch's last review.

RATING SENSITIVITIES
Fitch monitors the performance of the underlying risk-presenting entities and adjusts the rating of each transaction accordingly. Fitch tested the impact of a category downgrade for the weakest entity in the CLNs, and this would lead to a downgrade of up to one category.

The rating actions are as follows:

EUR150m Signum Finance II Plc BTPei GSI Inflation Linked CLN 2041 (ISIN: XS0659372980), affirmed at 'BBB-sf'; Outlook Stable

EUR50m Signum Finance II Plc BTPei GSI Inflation Linked CLN 2019 (ISIN: XS0718227456), affirmed at 'BBB-sf'; Outlook Stable

EUR50m Signum Finance II Plc BTPei GSI Inflation Linked CLN 2023 (ISIN: XS0854395539), affirmed at 'BBB-sf'; Outlook Stable

USD50m Signum Finance II Series 2012- 03 Notes (ISIN: XS0868105494), affirmed at 'A-sf'; Outlook Stable

EUR1,621.3m floating-rate notes due in 2040: affirmed at 'A-sf; Outlook Negative.