Harrier Finance Funding Issuer Credit Rating And Senior Liability Ratings Withdrawn


  • We have withdrawn our outstanding ICR and senior liability ratings on Harrier Finance Funding Ltd. and Harrier Finance Funding (U.S.) LLC SIVs at the issuer's request.
  • In our view, there is no reasonable possibility that the ratings would be subject to change because they are linked to the ratings on the liquidity provider, Erste Abwicklungsanstalt.
LONDON (S&P Global Ratings) Jan. 10, 2019--S&P Global Ratings today withdrew 
its issuer credit rating (ICR) and senior liability ratings on the Harrier 
Finance Funding Ltd. and Harrier Finance Funding (U.S.) LLC structured 
investment vehicles (SIVs) at the issuer's request (see list below).

Our ratings on Erste Abwicklungsanstalt (EAA; AA-/Stable/A-1+), which provides 
100% liquidity support to the senior notes, remain unchanged. Since EAA 
provides direct substantial support, our current counterparty criteria link 
the ICR and our senior liability ratings on both SIVs to the ratings on EAA 
(see "Counterparty Risk Framework Methodology And Assumptions," published on 
June 25, 2013).

Specifically, the ICR is linked to both the long- and short-term ratings on 
EAA. Our ratings on the medium-term notes are linked to our long-term rating 
on EAA, while our ratings on the commercial paper are linked to our short-term 
rating on EAA.

Based on the support arrangements to the SIV, we do not consider a reasonable 
possibility that the SIV ratings would be subject to change. We have therefore 
withdrawn our ratings on the notes.
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