...September 29, 2023 PARIS (S&P Global Ratings) Sept. 29, 2023--S&P Global Ratings today affirmed its 'A-1 (sf)' ratings on the commercial paper notes issued by Great Bear Funding DAC and its wholly owned subsidiary Great Bear Funding LLC (collectively, Great Bear). The affirmations are based on the following factors: - The series counterparty to any investment contracts (securities finance contracts or hedging contracts) are rated at least 'A-1'. - The asset portfolio is defined as small, considering there is only one series counterparty exposure; combined with the minimum rating requirement, this ensures that no additional program-wide credit enhancement is required. - Great Bear operates under a defined asset and liability management investment policy and uses a daily net cash outflow (NCO) test to ensure that over any given time horizon, the issuer's liabilities, consisting of senior expenses and CP payments, do not exceed the income available to the issuer (investment portfolio and other...
