AB Commercial Real Estate Debt German Feeder Fund, S.C.S. SICAV-RAIF
Action Validity Date
As a result of its methodology review, Creditreform Rating has removed the additive watch for the bearer bonds with the ISIN XS1704854089 issued by AB Commercial Real Estate Debt German Feeder Fund III, S.C.S. SICAV-RAIF, acting on behalf of its sub-fund I, and confirmed the rating with BBB+ / outlook stable. The issuer uses the proceeds from the issue primarily to invest in a target investment fund. The main reasons behind the decision are the initial loss buffer of the issuer as well as the investment strategy of the target investment fund. The expected cash flows generation has been tested, taking into account several stressed scenarios. The bearer bonds benefit not only from an initial loss buffer but also from other risk-reducing structural features. Overall, our quantitative analyses show a moderate stress resistance of the transaction structure with regard to individual parameters.