NEW YORK (S&P Global Ratings) Nov. 2, 2026--S&P Global Ratings affirmed its short-term'A-1 (sf)'rating on Aquitaine Funding Co. LLC's (Aquitaine U.S.) U.S. dollar-denominated asset-backed commercial paper (ABCP) notes after the addition of Aquitaine Funding Co. (Europe) Ltd. (Aquitaine Europe) as a co-issuer with Aquitaine U.S. Aquitaine Europe can issue ABCP notes denominated in any currency. The rating reflects the following: The program's legal structure, including the intended bankruptcy-remote status of Aquitaine U.S. and Aquitaine Europe; The full credit and liquidity support provided by liquidity agreements in the form of asset purchase agreements, loan agreements, global or master securities lending agreements, global or master repurchase agreements, and hedge agreements in the form of total return swaps and other
