Creditreform Rating (CRA) has set the rating for the newly issued bearer bonds with the ISIN XS2055746890, issued by Dexter S.C.A. SICAV-RAIF to A-. The rating outlook is stable. The main reason behind the rating decision is the highly diversified portfolio of private equity, private infrastructure and private real estate investments. The portfolio will be globally invested by an well-experienced asset manager. The commited capital has been deployed by 60%, further drawdowns and investments will be made within the ramp-up phase. The bearer bonds will benefit from an inital overcollateralization due to subordinated profit participation notes and equity. A minimum ratio of subordinated instruments (30%) is required as long as bearer bonds are outstanding. CRA has modeld the performance of the portfolio as well as the liabilities of the issuer taking into account stressed rating scenarios. The results of the quantitative analysis display a moderate resilliance auf the rating agianst stressed rating scenarios, especially in scenarios with combined stressed parameters.