AnaCap Financial Partners has established AnaCap Financial Europe S.A. (AFE), a new entity set up in Luxembourg under a reserved alternative investment fund (RAIF) structure, which has acquired a seed portfolio from AnaCap credit funds. We are assigning our 'BB-' long-term counterparty credit rating to AFE, as well as our 'BB-' issue rating and recovery rating of '3' to its €325 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 Sept. 14, 2017, S&P Global Ratings assigned its 'BB-' long-term counterparty credit rating to AnaCap Financial Europe S.A. (AFE).
