AnaCap Financial Partners has established AnaCap Financial Europe S.A. (AFE), a new entity that will be set up in Luxembourg under a reserved alternative investment fund (RAIF) structure, which will acquire a seed portfolio from AnaCap credit funds. We are assigning a preliminary 'BB-' long-term counterparty credit rating to AFE, as well as a preliminary 'BB-' issue rating and recovery rating of '3' to its proposed €315 million senior secured notes. The stable outlook reflects our view that the company's credit metrics will remain stable, that organic growth will remain controlled, and that revenue concentrations that constrain the rating will persist over our one-year outlook horizon. On July 10, 2017, S&P Global Ratings assigned its preliminary 'BB-' long-term counterparty credit
