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European rating agency. Objective, transparent, independent.

EDIF II Notes

Pension Alternative Markets SCS SICAV-FIS, Teilfonds I

Rating History

Rating Watch Outlook Decision Date Action Validity Date Maximum Validity
BBB- Watch UNW 25.01.2019 27.02.2019 30.06.2032
BBB- Watch UNW 26.07.2018 01.08.2018 30.06.2032
BBB- Outlook STA 04.04.2018 10.04.2018 30.06.2032

News

  • 27.02.2019
    Creditreform Rating has in the context of its methodology review prolonged the additive watch for the bearer bonds with the ISIN XS1725522004 issued by Pension Alternative Markets SCS SICAV-FIS, acting on behalf of its subfund I and confirmed the rating with BBB-. A final rating decision will be carried out within the ongoing re-rating.
  • 01.08.2018
    Creditreform Rating has set the rating of the bearer-bonds with ISIN XS1725522004 issued by Pension Alternative Markets SCS SICAV-FIS, acting on behalf of its sub-fund Pension Alternative Markets I, to (watch) and is going to review the rating due to a methodology change and in accordance with regulatory requirements. The review is open-ended.
  • 10.04.2018
    Creditreform Rating has set the rating of the bearer bonds with ISIN XS1725522004 issued by Pension Alternative Markets SCS SICAV-FIS, acting on behalf of its sub-fund Pension Alternative Markets I, with BBB- / stable. The issue proceeds will be invested in an investment vehicle, which itself will invest in predominately non-listed infrastructure investments in Europe. The investment vehicle will be managed by an UK-based manager with sufficient management capabilities in the acquisition, management and sale of such assets. The main reasons behind the decision are the expected credit quality of the portfolio assets which is related to predominately regulated businesses. The expected cash flow generation has been tested, taking into account several stressed scenarios. The bearer bonds benefit from different credit enhancements, which will be build up during the bonds´ duration. Our quantitative analyses display a moderate stress resistance of the structure with regard to combined stressed parameters.