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KBRA Affirms the Rating of ABN AMRO Bank N.V.'s Participation in a Senior Secured Subscription Facility to InfraVia European Fund IV

27 Mar 2026   |   London

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KBRA UK (KBRA) affirms the A rating assigned to ABN AMRO Bank N.V.'s ("ABN AMRO") participation in a €180.0 million senior secured subscription facility in the form of a replenishable term loan facility (the "Facility"), provided by a consortium of lenders (the "Lenders") to the partnerships comprising InfraVia European Fund IV (the “Partnership” or the “Fund”). The Outlook is Stable. The rating was requested by ABN AMRO as a participating lender in the transaction.

The Facility is a €180.0 million replenishable term loan facility available as short-term loans and letters of credit. The Facility is used for working capital and investment purposes including investments and is due to mature in September 2026. The Lenders benefit from a market standard security package consisting of security over: (i) the limited partners' (LPs) uncalled capital commitments (UCC), the rights to issue capital calls and receive proceeds of the capital contributions and (ii) the collateral accounts into which such capital contributions are required to be paid. The Lenders also benefit from security over the bank accounts into which proceeds from the underlying assets of the Fund are paid. Following an enforcement event, the Agent has enforcement rights including the right to accelerate the Facility, prevent withdrawals from the collateral accounts and to issue a capital call directly to the LPs for the purpose of repaying all amounts due under the Facility.

InfraVia European Fund IV is a 2018 vintage fund which held its final close in July 2018, having received approximately €2 billion in commitments. The Fund is the fourth vintage in InfraVia Capital Partners' infrastructure strategy. The investment strategy focuses on a range of infrastructure transactions with a focus on mid-market infrastructure projects in the transportation, energy, social infrastructures, utilities and communication sectors and in related services fields, with geographical focus in the Eurozone.

The rating action reflects the stable credit quality of the LP base of the Fund year-on-year and the continued deployment of the Fund in terms of total commitments which acts as continued incentive for LPs to continue to meet future capital calls for repayment of the Facility. As of December 2025, 61.4% of the total Fund Commitments have been evaluated to be equivalent to investment grade credit quality, with 75.1% of commitments to InfraVia European Fund IV FPCI and 49.8% of commitments to InfraVia European Fund IV SCSp evaluated to be equivalent to investment grade quality, respectively. There has been a slight change to the number of LPs which make up the Fund since previous surveillance due to LP transfers. Overall, the credit quality of the LP base remains in line with previous surveillance and remains wholly comprised of Qualifying LPs. Furthermore, the diversification of total LP commitments has remained stable year-on-year, with an adjusted Herfindahl-Hirschman Index of 52.9 representing a strongly diversified LP base. Additionally, the Fund has continued to call capital with 97.6% of total Fund Commitments called as of December 2025, compared to 91.2% as of September 2024.

Key Credit Considerations

Investment fund ratings are based on quantitative and qualitative factors. The five key quantitative determinants are as follows:

  1. In the Asset Quality determinant, KBRA generally measures the quality of the collateral based on a weighted average scoring. For Subscription Facilities (“Sublines”), this includes an assessment using a matrix-based approach that reflects the creditworthiness of the Fund’s LP base.
  2. The Asset Coverage determinant measures the relative sufficiency of the pledged collateral value to repay the principal amount of the rated debt. For Sublines, this includes an evaluation of the covenants included in the Facility linked to UCC and net asset value (NAV) of the Fund, and/or advance rates applied to the UCC.
  3. The Liquidity determinant reflects KBRA’s assessment of the relative price discount that the underlying collateral may incur if the assets are subject to conversion into cash in order to meet scheduled or accelerated debt service requirements. Under the Liquidity determinant, KBRA considers three factors (type, complexity and price discovery / transparency) and scores these factors individually on a scale of zero to two, with two being the most liquid.
  4. In the Duration determinant, KBRA examines the tenor profile of the pledged collateral relative to the rated debt, and the associated vulnerability to changes in price of collateral over time.
  5. When appropriate, KBRA will perform a cash flow analysis in order to test the transaction’s ability to meet its rated interest and principal payment obligations under various economic, financial, and market scenarios. This is not applicable to Subscription Facilities, as LP capital calls typically occur on a non-periodic basis and the primary source of repayment for Sublines is the Fund’s UCC so once a capital call is issued, the LP is typically required to meet the capital call within a short window. Therefore, repayment capacity is analysed in the context of the prior rating determinants.

The above quantitative determinants produce a quantitative rating outcome. In addition to the above quantitative determinants, KBRA’s analysis considers a variety of qualitative factors, which can lead to upward or downward adjustments in the final rating outcome and these are assessed in the context of: (i) Manager Review; (ii) Legal Review, and (iii) Other Factors including alignment of interests, incentives to fund future capital calls and diversification within the LP base.

Rating Sensitivities

It should be noted that many aspects, including but not limited to, the rating sensitivities listed below, macroeconomic factors, market conditions, competitive landscape, and a fund manager’s investment acumen can impact the performance of the fund and influence KBRA’s rating decisions. If performance of the transaction differs meaningfully from the expected levels, KBRA may consider making a rating change.

Decline in LP Credit Quality

A decline in the credit quality of the Fund’s LPs as a result of: (i) deterioration in the credit quality of underlying LPs; (ii) transfer of interests to LPs of lower credit quality characteristics; (iii) inclusion of LPs with weak credit quality characteristics; and (iv) weaker than expected LP diversification, may result in negative rating changes.

Improvement in LP Credit Quality

An overall higher credit quality of the Fund’s LPs as a result of: (i) improvement in the credit quality of underlying LPs; (ii) transfer of interests to LPs with better credit characteristics; (iii) inclusion of LPs with strong credit quality characteristics; and (iv) stronger than expected LP diversification, may result in positive rating changes.

Underperformance of Fund Assets or Investments

A decrease in the Fund’s NAV due to underperformance of the Fund’s underlying assets or investments may jeopardise debt repayment as the deterioration of the Fund may, for example, elicit hesitation of the Fund’s LPs to fund their respective capital calls regardless of their contractual obligations to do so and the underlying LPs’ security and protections to the Lender.

To access ratings and relevant documents, click here.

Click here to view the report.

Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

This credit rating is endorsed by Kroll Bond Rating Agency Europe Limited for use in the European Union. Information on a credit rating’s endorsement status is available on its rating page at KBRA.com.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

The rated entity is, or has a relationship with, one or more of KBRA Europe/KBRA UK shareholders that is required to be disclosed under applicable credit rating agency regulation in the EU and/or the UK. Please review KBRA's shareholder disclosures, which are updated periodically.

About KBRA UK

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Kroll Bond Rating Agency UK is located at 1 Connaught Place, 2nd Floor London, England.

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