Creditreform Rating has assigned the rating of the bearer bonds with ISIN XS1960056411 issued by Ardian Investment Solutions S.A., acting on behalf of its Compartment AIS-APDIV-C8 to BBB / stable. The issue proceeds were invested in a fund, which invests in a portfolio of first lien and subordinated debts granted to midcap companies located in Western Europe. The fund is managed by a Luxembourg-based manager with sufficient management capabilities. The expected cash flows generation has been tested, taking into account several stress scenarios. The bearer bonds benefit from several credit enhancements and in particular from a give-back mechanism, which is crucial for the success of the transaction. According to our analyses and under consideration of diverse stress scenarios, the expected portfolio cash flows are sufficient to fulfil the claims of the bondholders.