Creditreform Rating AG has set the rating for the bearer bonds with the ISIN XS2092628275 issued by Institutional Infrastructure Holdings S.A., acting in respect of its Compartment 30 to BBB- / outlook stable. The proceeds from the issue of this securitisation are invested in an investment vehicle that indirectly participates in operating companies in the renewable energy sector. The investment strategy provides for a geographically diversified portfolio focusing on offshore and onshore wind energy and photovoltaics, which should generate stable cash flows in the future. The main reasons for the rating assessment are the quality of the asset manager in conjunction with the results of the simulation of the expected portfolio cash flows. The bearer bonds benefit from a credit enhancement, which is to be built up over the term. In particular, operational risks at the asset level in conjunction with a subordinated use of the issue proceeds over the overall structure have a dampening effect on the rating.