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Credit Research Analyst Graduate 2024 - London

Graduate Job

Description

• Barclays’ award-winning Credit Research team provides expert knowledge to enable both internal and external clients to make informed investment decisions. Covering Investment Grade, High Yield, Emerging Market, Municipals and Credit Strategy, this team offers actionable insights and innovative products everyday. 
• Credit Research Analysts are responsible for covering companies within specific sectors or industries. In addition to performing company and industry analysis, Credit Analysts work with internal contacts (Trading, Sales, Investment Banking, etc.) and external clients (Money Managers, Pension Funds, Hedge Funds, etc.) on a regular basis in order to better evaluate the Credit Markets.

Requirements

• To be considered for this programme, you must be motivated and curious with a degree or expected degreein any area.
• Ideally, you'll have a passion for financial modelling, analysis and numerical prowess and a keen interest in recognising current trends, while envisioning tomorrow's emerging trends.

Education requirements

Area of responsibilities, responsibilities.

• As a Credit Research Analyst you will gain valuable experience and have a genuine impact on our business. Under the direction of a senior analyst, you’ll exercise your critical thinking skills, contributing insights and ideas to investment theses and reports. You may:
• Analyse macro industry trends and company financials
• Build and maintain financial models and industry databases
• Gather, synthesise and interpret data from publications and other sources
• Develop marketing materials for clients, with the opportunity to participate in client meetings and phone calls
• Begin to understand the next wave of financial analysis through opportunities to work with and learn from our Quantitative Portfolio Strategies and Data Science teams
• 1-2 year targeted, fast-track programme focused on developing specialist technical expertise.
• Paid holiday and vacation
• Competitive pay
• Private medical care
• Disability assurance
• Flexible working
• Life assurance
• Voluntary benefits
• Retirement planning

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Credit Research Analyst Graduate Programme London 2022

Barclays’ award-winning Credit Research team provides expert knowledge to enable both internal and external clients to make informed investment decisions. Covering Investment Grade, High Yield, Emerging Market, Municipals and Credit Strategy, this team offers actionable insights and innovative products, every day. Find out if you have what it takes to succeed here by becoming a full-time credit analyst.

Credit Research analysts are responsible for covering companies within specific sectors or industries. In addition to performing company and industry analysis, credit analysts work with internal contacts (trading, sales, investment banking, etc.) and external clients (money managers, pension funds, hedge funds, etc.) on a regular basis in order to better evaluate the credit markets.

Real responsibility, right away

As a Credit Research Analyst you will gain valuable experience and have a genuine impact on our business. Under the direction of a senior analyst, you’ll exercise your critical thinking skills, contributing insights and ideas to investment theses and reports. You may:

• analyse macro industry trends and company financials
• build and maintain financial models and industry databases 
• gather, synthesise and interpret data from publications and other sources
• develop marketing materials for clients, with the opportunity to participate in client meetings and phone calls
• begin to understand the next wave of financial analysis through opportunities to work with and learn from our Quantitative Portfolio Strategies and Data Science teams.

A place where you can thrive

At Barclays, you’ll be surrounded by people who will help you achieve your ambitions. Our collaborative, supportive environment gives you the chance to build solid relationships with senior leaders, peers and clients alike. What’s more, dedicated program managers will support and advocate for you throughout the first several years of your career at Barclays. During the analyst program, you’ll also:

• participate in formal and informal training designed to give you the knowledge you need when you need it
• receive detailed performance coaching and feedback
• have opportunities to expand your network and develop leadership skills.

Your role as a Credit Research analyst will provide you with the skills and experience needed for a successful career in the world of finance. The analyst program will help provide a visible path to the necessary steps for promotion to assistant vice president and the tools to get you there. To be considered for this programme, you must:

• be motivated with a strong degree or expected degree – in any area.

Ideally, you would also have:

• a strong interest in business and finance, though no specific subject degree is required
• an analytical and team-oriented mindset
• good numerical skills and enjoy financial modelling and company analysis
• the ability to articulate and convey succinct, accurate and insightful messages
• an interest in identifying current trends whilst also predicting the emerging trends of tomorrow

It is the policy of Barclays to ensure equal employment opportunity without discrimination or harassment on the basis of race, color, creed, religion, national origin, alienage or citizenship status, age, sex, sexual orientation, gender identity or expression, marital or domestic/civil partnership status, disability, protected veteran status, genetic information, or any other basis protected by law.

What you get in return

However high you rise at Barclays, we believe all our employees should receive a competitive package of core benefits flexible to you and your family’s needs. At Barclays, you’ll support our customers and clients, and we’ll support you with rewards that will genuinely make a difference.

• Paid holiday and vacation
• Competitive pay
• Private medical care
• Disability assurance
• Flexible working
• Life assurance
• Voluntary benefits
• Retirement planning

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Money blog: Loud budgeting - the taboo-busting money hack you can do without giving up daily coffee

Created accidentally by a comedian, "loud budgeting" is breaking down the taboo of speaking about money. Read this and the rest of our Weekend Money features, and leave a comment, and we'll be back with rolling personal finance and consumer news on Monday.

Saturday 11 May 2024 20:15, UK

Weekend Money

• 'Loud budgeting': The money-saving trend that has nothing to do with giving up your daily coffee
• What is most in-demand period property?
• £12m tea advert, downsizing, £320 tasting menus and job interview mistakes: What readers have said this week
• Free childcare applications about to open for new age band
• Where has huge week for UK economy left us?

Best of the week

• How to avoid a holiday data roaming charge (while still using the internet)
• Mortgage rates up again this week - here are the best deals on the market
• My daughter discovered undeclared £600 management fee after buying her flat - can we complain?
• Best of the Money blog - an archive

Ask a question or make a comment

By Jess Sharp , Money team 

Money saving trends are constantly popping up on social media - but one in particular has been gaining huge amounts of attention.

Created accidentally by a comedian, loud budgeting is breaking down the taboo of speaking about money.

The idea is based on being firmer/more vocal about your financial boundaries in social situations and setting out what you are happy to spend your money on, instead of "Keeping up with the Joneses". 

On TikTok alone, videos published under the hashtag #loudbudgeting have garnered more than 30 million views - and that figure is continuing to climb. 

We spoke to Lukas Battle - the 26-year-old who unintentionally created the trend as part of a comedy sketch. 

Based in New York, he came up with the term in a skit about the "quiet luxury" hype, which had spread online in 2023 inspired by shows like Succession. 

The term was used for humble bragging about your wealth with expensive items that were subtle in their design - for example, Gwyneth Paltrow's  £3,900 moss green wool coat from The Row, which she wore during her ski resort trial...

"I was never a big fan of the quiet luxury trend, so I just kind of switched the words and wrote 'loud budgeting is in'. I'm tired of spending money and I don't want to pretend to be rich," Lukas said. 

"That's how it started and then the TikTok comments were just obsessed with that original idea." 

This was the first time he mentioned it...

Lukas explained that it wasn't about "being poor" but about not being afraid of sharing your financial limits and "what's profitable for you personally". 

"It's not 'skip a coffee a day and you'll become a millionaire'."

While talking money has been seen as rude or taboo, he said it's something his generation is more comfortable doing. 

"I've seen more debate around the topic and I think people are really intrigued and attracted by the idea," he said. 

"It's just focusing your spending and time on things you enjoy and cutting out the things you might feel pressured to spend your money on."  

He has incorporated loud budgeting into his own life, telling his friends "it's free to go outside" and opting for cheaper dinner alternatives.

"Having the terminology and knowing it's a trend helps people understand it and there's no awkward conversation around it," he said. 

The trend has been a big hit with so-called American "finfluencers", or "financial influencers", but people in the UK have started practising it as well. 

Mia Westrap has taken up loud budgeting by embarking on a no-buy year and sharing her finances with her 11.3k TikTok followers. 

Earning roughly £2,100 a month, she spends around £1,200 on essentials, like rent, petrol and car insurance, but limits what else she can purchase. 

Clothes, fizzy drinks, beauty treatments, makeup, dinners out and train tickets are just some things on her "red list". 

The 26-year-old PHD student first came across the idea back in 2017, but decided to take up the challenge this year after realising she was living "pay check to pay check". 

She said her "biggest fear" in the beginning was that her friends wouldn't understand what she was doing, but she found loud budgeting helped. 

"I'm still trying my best to just go along with what everyone wants to do but I just won't spend money while we do it and my friends don't mind that, we don't make a big deal out of it," she said. 

So far, she has been able to save £1,700, and she said talking openly about her money has been "really helpful". 

"There's no way I could have got this far if I wasn't baring my soul to the internet about the money I have spent. It has been a really motivating factor."

Financial expert John Webb said loud budgeting has the ability to help many "feel empowered" and create a "more realistic" relationship with money.

"This is helping to normalise having open and honest conversations about finances," the consumer affair manager at Experien said. 

"It can also reduce the anxiety some might have by keeping their financial worries to themselves." 

However, he warned it's important to be cautious and to take the reality of life into consideration. 

"It could cause troubles within friendship groups if they're not on the same page as you or have different financial goals," he said.

"This challenge isn't meant to stop you from having fun, but it is designed to help people become more conscious and intentional when it comes to money, and reduce the stigma around talking about it." 

Rightmove's keyword tool shows Victorian-era houses are the most commonly searched period properties, with people drawn to their ornate designs and features.

Georgian and Edwardian-style are second and third respectively, followed by Tudor properties. Regency ranked in fifth place.

Rightmove property expert Tim Bannister said: "Home hunters continue to be captivated by the character and charm of properties that we see in period dramas.

"Victorian homes remain particularly popular, characterised by their historic charm, solid construction, and spacious interiors. You'll often find Victorian houses in some of the most desirable locations which include convenient access to schools and transport links."

Throughout the week Money blog readers have shared their thoughts on the stories we've been covering, with the most correspondence coming in on...

• A hotly contested debate on the best brand of tea
• Downsizing homes
• The cost of Michelin-starred food

Job interview mistakes

On Wednesday we reported on a new £12m ad from PG Tips in response to it falling behind rivals such as Twinings, Yorkshire Tea and Tetley....

We had lots of comments like this...

How on earth was the PG Tips advert so expensive? I prefer Tetley tea, PG Tips is never strong enough flavour for me. Shellyleppard

The reason for the sales drop with PG Tips could be because they increased the price and reduced the quantity of bags from 240 to 180 - it's obvious. Royston

And then this question which we've tried to answer below...

Why have PG Tips changed from Pyramid shape tea bags, to a square? Sam

Last year PG Tips said it was changing to a square bag that left more room for leaves to infuse, as the bags wouldn't fold over themselves.

We reported on data showing how downsizing could save you money for retirement - more than £400,000, in some regions, by swapping four beds for two.

Some of our readers shared their experiences...

We are downsizing and moving South so it's costing us £100k extra for a smaller place, all money from retirement fund. AlanNorth

Interesting read about downsizing for retirement. We recently did this to have the means to retire early at 52. However, we bought a house in the south of France for the price of a flat in our town in West Sussex. Now living the dream! OliSarah

How much should we pay for food?

Executive chef at London's two-Michelin-starred Ikoyi, Jeremy Chan, raised eyebrows when he suggested to the Money blog that Britons don't pay enough for restaurant food.

Ikoyi, the 35th best restaurant in the world, charges £320 for its tasting menu. 

"I don't think people pay enough money for food, I think we charge too little, [but] we want to always be accessible to as many people as possible, we're always trying our best to do that," he said, in a piece about his restaurant's tie up with Uber Eats... 

We had this in... 

Are they serious? That is two weeks' worth of food shopping for me, if the rich can afford this "tasting menu" then they need to be taxed even more by the government, it's just crazy! Steve T

If the rate of pay is proportionate to the vastly overpriced costs of the double Michelin star menu, I would gladly peel quail eggs for four-hour stints over continuing to be abused as a UK supply teacher. AndrewWard

Does this two-star Michelin star chef live in the real world? Who gives a toss if he stands and peels his quails eggs for four hours, and he can get the best turbot from the fishmonger fresh on a daily basis? It doesn't justify the outrageous price he is charging for his tasting menu. Topaztraveller

Chefs do make me laugh, a steak is just a steak, they don't make the meat! They just cook it like the rest of us, but we eat out because we can't be bothered cooking! StevieGrah

Finally, many of you reacted to this feature on common mistakes in job interviews...

Those 10 biggest mistakes people make in interviews is the dumbest thing I've ever read. They expect all that and they'll be offering a £25k a year job. Why wouldn't I want to know about benefits and basic sick pay? And also a limp handshake? How's that relevant to how you work? Jre90

Others brought their own tips...

Whenever I go for an interview I stick to three points: 1. Be yourself 2. Own the interview 3. Wear the clothes that match the job you are applying Kevin James Blakey

From Sunday, eligible working parents of children from nine-months-old in England will be able to register for access to up to 15 free hours of government-funded childcare per week.

This will then be granted from September. 

Check if you're eligible  here  - or read on for our explainer on free childcare across the UK.

Three and four year olds

In England, all parents of children aged three and four in England can claim 15 hours of free childcare per week, for 1,140 hours (38 weeks) a year, at an approved provider.

This is a universal offer open to all.

It can be extended to 30 hours where both parents (or the sole parent) are in work, earn the weekly minimum equivalent of 16 hours at the national minimum or living wage, and have an income of less than £100,000 per year.

Two year olds

Previously, only parents in receipt of certain benefits were eligible for 15 hours of free childcare.

But, as of last month, this was extended to working parents.

This is not a universal offer, however.

A working parent must earn more than £8,670 but less than £100,000 per year. For couples, the rule applies to both parents.

Nine months old

In September, this same 15-hour offer will be extended to working parents of children aged from nine months. From 12 May, those whose children will be at least nine months old on 31 August can apply to received the 15 hours of care from September.

From September 2025

The final change to the childcare offer in England will be rolled out in September 2025, when eligible working parents of all children under the age of five will be able to claim 30 hours of free childcare a week.

In some areas of Wales, the Flying Start early years programme offers 12.5 hours of free childcare for 39 weeks, for eligible children aged two to three. The scheme is based on your postcode area, though it is currently being expanded.

All three and four-year-olds are entitled to free early education of 10 hours per week in approved settings during term time under the Welsh government's childcare offer.

Some children of this age are entitled to up to 30 hours per week of free early education and childcare over 48 weeks of the year. The hours can be split - but at least 10 need to be used on early education.

To qualify for this, each parent must earn less than £100,000 per year, be employed and earn at least the equivalent of working 16 hours a week at the national minimum wage, or be enrolled on an undergraduate, postgraduate or further education course that is at least 10 weeks in length.

All three and four-year-olds living in Scotland are entitled to at least 1,140 hours per year of free childcare, with no work or earnings requirements for parents. 

This is usually taken as 30 hours per week over term time (38 weeks), though each provider will have their own approach.

Some households can claim free childcare for two-year-olds. To be eligible you have to be claiming certain benefits such as Income Support, Jobseeker's Allowance or Universal Credit, or have a child that is in the care of their local council or living with you under a guardianship order or kinship care order.

Northern Ireland

There is no scheme for free childcare in Northern Ireland. Some other limited support is available.

Working parents can access support from UK-wide schemes such as tax credits, Universal Credit, childcare vouchers and tax-free childcare.

Aside from this, all parents of children aged three or four can apply for at least 12.5 hours a week of funded pre-school education during term time. But over 90% of three-year-olds have a funded pre-school place - and of course this is different to childcare.

What other help could I be eligible for?

Tax-free childcare  - Working parents in the UK can claim up to £500 every three months (up to £2,000 a year) for each of their children to help with childcare costs. 

If the child is disabled, the amount goes up to £1,000 every three months (up to £4,000 a year).

To claim the benefit, parents will need to open a tax-free childcare account online. For every 80p paid into the account, the government will top it up by 20p.

The scheme is available until the September after the child turns 11.

Universal credit  - Working families on universal credit can claim back up to 85% of their monthly childcare costs, as long as the care is paid for upfront. The most you can claim per month is £951 for one child or £1,630 for two or more children.

Tax credits -  People claiming working tax credit can get up to 70% of what they pay for childcare if their costs are no more than £175 per week for one child or £300 per work for multiple children.

Two big economic moments dominated the news agenda in Money this week - interest rates and GDP.

As expected, the Bank of England held the base rate at 5.25% on Wednesday - but a shift in language was instructive about what may happen next.

Bank governor Andrew Bailey opened the door to a summer cut to 5%, telling reporters that an easing of rates at the next Monetary Policy Committee meeting on 20 June was neither ruled out nor a fait accompli.

More surprisingly, he suggested that rate cuts, when they start, could go deeper "than currently priced into market rates".

He refused to be drawn on what that path might look like - but markets had thought rates could bottom out at 4.5% or 4.75% this year, and potentially 3.5% or 4% next.

"To make sure that inflation stays around the 2% target - that inflation will neither be too high nor too low - it's likely that we will need to cut Bank rate over the coming quarters and make monetary policy somewhat less restrictive over the forecast period," Mr Bailey said.

You can read economics editor Ed Conway's analysis of the Bank's decision here ...

On Friday we discovered the UK is no longer in recession.

Gross domestic product (GDP) grew by 0.6% between January and March, the Office for National Statistics said.

This followed two consecutive quarters of the economy shrinking.

The data was more positive than anticipated.

"Britain is not just out of recession," wrote Conway. "It is out of recession with a bang."

The UK has seen its fastest growth since the tailend of the pandemic - and Conway picked out three other reasons for optimism.

1/ An economic growth rate of 0.6% is near enough to what economists used to call "trend growth". It's the kind of number that signifies the economy growing at more or less "normal" rates.

2/ 0.6% means the UK is, alongside Canada, the fastest-growing economy in the G7 (we've yet to hear from Japan, but economists expect its economy to contract in the first quarter).

3/ Third, it's not just gross domestic product that's up. So too is gross domestic product per head - the number you get when you divide our national income by every person in the country. After seven years without any growth, GDP per head rose by 0.4% in the first quarter.

GDP per head is a more accurate yardstick for the "feelgood factor", said Conway - perhaps meaning people will finally start to feel better off.

For more on where Friday's figures leaves us, listen to an Ian King Business Podcast special...

The Money blog is your place for consumer news, economic analysis and everything you need to know about the cost of living - bookmark news.sky.com/money .

It runs with live updates every weekday - while on Saturdays we scale back and offer you a selection of weekend reads.

Check them out this morning and we'll be back on Monday with rolling news and features.

The Money team is Emily Mee, Bhvishya Patel, Jess Sharp, Katie Williams, Brad Young and Ollie Cooper, with sub-editing by Isobel Souster. The blog is edited by Jimmy Rice.

If you've missed any of the features we've been running in Money this year, or want to check back on something you've previously seen in the blog, this archive of our most popular articles may help...

Loaves of bread have been recalled from shelves in Japan after they were found to contain the remains of a rat.

Production of the bread in Tokyo has been halted after parts of a "small animal" were found by at least two people.

Pasco Shikishima Corp, which produces the bread, said 104,000 packages have been recalled as it apologised and promised compensation.

A company representative told Sky News's US partner network, NBC News, that a "small black rat" was found in the bread. No customers were reported to have fallen ill as a result of ingesting the contaminated bread.

"We deeply apologise for the serious inconvenience and trouble this has caused to our customers, suppliers, and other concerned parties," the spokesman said.

Pasco added in a separate statement that "we will do our utmost to strengthen our quality controls so that this will never happen again. We ask for your understanding and your co-operation."

Japanese media reports said at least two people who bought the bread in the Gunma prefecture, north-west of Tokyo, complained to the company about finding a rodent in the bread.

Record levels of shoplifting appear to be declining as fewer shopkeepers reported thefts last year, new figures show. 

A survey by the Office for National Statistics shows 26% of retailers experienced customer theft in 2023, down from a record high of 28% in 2022.

This comes despite a number of reports suggesting shoplifting is becoming more frequent. 

A  separate ONS finding , which used police crime data, showed reports of shoplifting were at their highest level in 20 years in 2023, with law enforcements logging 430,000 instances of the crime.

Let's get you up to speed on the biggest business news of the past 24 hours. 

A privately owned used-car platform is circling Cazoo Group, its stricken US-listed rival, which is on the brink of administration.

Sky News has learnt that Motors.co.uk is a leading contender to acquire Cazoo's marketplace operation, which would include its brand and intellectual property assets.

The process to auction the used-car platform's constituent parts comes after it spent tens of millions of pounds on sponsorship deals in football, snooker and darts in a rapid attempt to gain market share.

The owner of British Airways has reported a sharp rise in profits amid soaring demand for trips and a fall in the cost of fuel.

International Airlines Group said its operating profit for the first three months of the year was €68m (£58.5m) - above expectations and up from €9m (£7.7m) during the same period in 2023.

The company, which also owns Aer Lingus, Iberia and Vueling, said earnings had soared thanks to strong demand, particularly over the Easter holidays.

The prospect of a strike across Tata Steel's UK operations has gained further traction after a key union secured support for industrial action.

Community, which has more than 3,000 members, said 85% voted in favour of fighting the India-owned company's plans for up to 2,800 job losses, the majority of them at the country's biggest steelworks in Port Talbot, South Wales.

Tata confirmed last month it was to press ahead with the closure of the blast furnaces at the plant, replacing them with electric arc furnaces to reduce emissions and costs.

In doing so, the company rejected an alternative plan put forward by the Community, GMB and Unite unions that, they said, would raise productivity and protect jobs across the supply chain.

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Rating Action Commentary

Fitch Upgrades Oak Hill European Credit Partners VI DAC; Resolves Rating Watch Positive

Fri 10 May, 2024 - 10:48 AM ET

Fitch Ratings - London - 10 May 2024: Fitch Ratings has upgraded Oak Hill European Credit Partners VI DAC's class B-1, B-2, C and D notes, and affirmed the others. The class C notes have been removed from Rating Watch Positive. Fitch has also revised the Outlook on the class F notes to Negative from Stable. A full list of rating actions is below.

• A-1 XS1720167664
• A-2 XS1720609434
• B-1 XS1720168043
• B-2 XS1720168399
• C XS1720168712
• D XS1720169017
• E XS1720169520
• F XS1720169876

VIEW ADDITIONAL RATING DETAILS

Transaction Summary

The transaction is a cash flow CLO comprising mostly senior secured obligations. It is actively managed by Oak Hill Advisors (Europe), LLP and exited its reinvestment period in January 2022.

KEY RATING DRIVERS

Stable Asset Performance; Amortising Transaction: The class A-1 notes are 35% paid down since the transaction closed in January 2018. The class B-1, B-2, C and D notes upgrades reflect their stable performance and larger break-even default-rate cushions since the last review in August 2023. The transaction is currently 2.5% below par and exposure to assets with a Fitch-derived rating of 'CCC+' and below is 4.7%, according to the latest trustee report. The change in Outlook to Negative for the class F notes reflects limited default-rate cushions in the current portfolio and the Fitch-stressed portfolio.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of the transaction's underlying obligors at 'B'/'B-'. The weighted average rating factor, as calculated by Fitch under its latest criteria, is 25.5.

High Recovery Expectations: Senior secured obligations comprise 99.6% of the portfolio. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The weighted average recovery rate, as calculated by Fitch, is 63.5%.

Diversified Portfolio: The portfolio is well-diversified across obligors, countries and industries. No obligor represents more than 2.5% of the portfolio balance. Exposure to the three-largest Fitch-defined industries is 26.1% as calculated by Fitch.

Deviation from Model-implied Ratings: The class C and D notes ratings are one notch below their model-implied ratings (MIR). The deviation reflects limited default-rate cushions at their MIRs under the Fitch-stressed portfolio for which assets on Negative Outlook have been notched down by one level, and uncertain macro-economic conditions that increase risk.

Cash Flow Modelling: The transaction exited its reinvestment period in January 2022, and is currently failing the weighted average life (WAL) test but can reinvest on a maintain-and-improve basis. The manager has not made any purchases since November 2023. Fitch's analysis is based on the Fitch-stressed portfolio with the WAL stressed to four years for the rating-default-rates to account for refinancing risk.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative rating action/downgrade.

Based on the current portfolio, downgrades may occur if the loss expectation is larger than assumed, due to unexpectedly high levels of default and portfolio deterioration.

Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade

Upgrades may result from stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread available to cover losses in the remaining portfolio.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring.

The majority of the underlying assets or risk-presenting entities have ratings or credit opinions from Fitch and/or other nationally recognised statistical rating organisations and/or European securities and markets authority-registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assess the asset portfolio information or information on the risk-presenting entities.

Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable.

ESG CONSIDERATIONS

Fitch does not provide ESG relevance scores for Oak Hill European Credit Partners VI DAC. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, programme, instrument or issuer, Fitch will disclose in the key rating drivers any ESG factor which has a significant impact on the rating on an individual basis. For more information on Fitch's ESG Relevance Scores, visit the Fitch Ratings ESG Relevance Scores page.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING

The principal sources of information used in the analysis are described in the Applicable Criteria.

Additional information is available on www.fitchratings.com

PARTICIPATION STATUS

The rated entity (and/or its agents) or, in the case of structured finance, one or more of the transaction parties participated in the rating process except that the following issuer(s), if any, did not participate in the rating process, or provide additional information, beyond the issuer’s available public disclosure.

APPLICABLE CRITERIA

• Structured Finance and Covered Bonds Country Risk Rating Criteria (pub. 07 Jul 2023)
• CLOs and Corporate CDOs Rating Criteria (pub. 21 Jul 2023) (including rating assumption sensitivity)
• Structured Finance and Covered Bonds Counterparty Rating Criteria (pub. 28 Nov 2023)
• Structured Finance and Covered Bonds Counterparty Rating Criteria: Derivative Addendum (pub. 28 Nov 2023)
• Global Structured Finance Rating Criteria (pub. 19 Jan 2024) (including rating assumption sensitivity)
• Structured Finance and Covered Bonds Interest Rate Stresses Rating Criteria (pub. 05 Apr 2024)

APPLICABLE MODELS

Numbers in parentheses accompanying applicable model(s) contain hyperlinks to criteria providing description of model(s).

• Global CLO Cash Flow Model, v1.3.7 ( 1 )
• Portfolio Credit Model, v2.16.2 ( 1 )

ADDITIONAL DISCLOSURES

• Dodd-Frank Rating Information Disclosure Form
• Solicitation Status
• Endorsement Policy

ENDORSEMENT STATUS