OREANDA-NEWS. Fitch Ratings has assigned Aquarius + Investments PLC's USD150m Series 2015-4 secured funding notes due 2018 an 'A+sf' rating. The Outlook is Stable. This transaction is issued outside Japan and 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 rating also reflects the sound legal structure of the transaction.

The Stable Outlook is driven by that of the Long-Term Issuer Default Ratings (IDR) on BNP Paribas.

At closing, the issuer used the note proceeds to purchase debt securities from the repo counterparty as the charged assets. 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.

DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation to this rating action.

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.