# Fitch Assigns Astrea 9 Pte. Ltd. Final Ratings Source: https://www.fitchratings.com/research/structured-finance/fitch-assigns-astrea-9-pte-ltd-final-ratings-08-08-2025 Retrieved using Firecrawl, 8 October 2026. Saved web-page text; not an original PDF. **Related Content:** [Astrea 9 Pte. Ltd.](https://www.fitchratings.com/research/structured-finance/astrea-9-pte-ltd-08-08-2025) Fitch Ratings - London - 08 Aug 2025: Fitch Ratings has assigned Astrea 9 Pte. Ltd. final ratings as detailed below. | | RATING ACTIONS Entity / Debt Rating Type Rating Rating Action Prior Astrea 9 Pte. Ltd. - A-1 SGXPN10C6170 LT A+sf New Rating A+(EXP)sf - A-2 SGXPN10C6493 LT Asf New Rating A(EXP)sf - B PIK XS3126630402 LT BBBsf New Rating BBB(EXP)sf Previous Page of 110 rows20 rows50 rows100 rows500 rows Next Loading... VIEW ADDITIONAL RATING DETAILS ### Transaction Summary Astrea 9 is a private equity collateralised fund obligation (PE CFO) sponsored by Astrea Capital 9 Pte. Ltd., a subsidiary of Azalea Asset Management Pte. Ltd, which is ultimately owned by Temasek Holdings (Private) Limited. Astrea 9 owns interests in a globally diversified pool of alternative investment funds. The bonds issued by Astrea 9 are backed by the interests in, and cash flow generated by, the funds. The transaction consists of about USD1.6 billion in net asset value (NAV) of funded commitments and USD303.7 million of unfunded capital commitments across 40 funds. ### KEY RATING DRIVERS **L** **oan** **T** **o** **V** **alue** **:** The cumulative loan to value (LTV) to the NAV at issuance of the class A-1, A-2 and B PIK bonds equal to 29.5%, 41.8% and 48%, respectively, provides a sufficient level of credit enhancement at the indicated rating levels. An LTV test will redirect cash flow to de-lever the transaction on any distribution date at which the class A LTV ratio is more than 50%. There is also an LTV test of 55% for the class B PIK bonds. **Stressed Cash Flow Analysis:** Fitch measured the ability of the structure to withstand weak performance in the underlying funds in combination with adverse market cycles. The class A-1 and A-2 bonds were able to withstand fourth-quartile-level performance in the underlying funds under all of Fitch's rating scenarios, indicating 'Asf' category stress. The class A-1 bonds' notional amount was considered at the US dollar equivalent amount to satisfy the expected Singapore dollar forward contract. The class B PIK bonds were able to withstand fourth-quartile-level performance in the underlying funds under all of Fitch's rating scenarios, indicating 'Asf' category stress. However, the rating is a category lower given their structural subordination and Fitch's qualitative notching. The class B PIK bonds were also able to withstand third-quartile-level performance under all of Fitch's rating scenarios. **Liquidity:** The transaction's liquidity position is adequate, and Fitch expects it to improve further as the portfolio continues to season. At June 2025, the portfolio had generated positive net cash flow over the previous 12 months, and Fitch's modelling indicates that projected net cash flow is negative in some launch-year scenarios. The transaction's liquidity position is supported by a contingent liquidity facility (up to USD280 million) and portfolio net distributions since 31 December 2024, which will be added to available cash at the end of the first distribution period. Fitch's modelling indicated some reliance on the liquidity facility, and the transaction was able to repay the liquidity facility in all launch year scenarios. Fitch's estimated one-year pro forma liquidity coverage ratio for the transaction is 2.4x. **Portfolio Composition:** The portfolio of alternative investment fund interests is diversified by vintages, geographies, managers, funds, underlying holdings and sectors. At 31 December 2024, the portfolio consisted of 40 funds, managed by 31 mostly large and well-established fund managers. The fund investments were invested in 1,086 investee companies. About 23.3% of the portfolio NAV relates to euro-denominated funds, of which about 70% is hedged. **Transaction Manager and Sponsor:** Fitch believes Azalea has the capabilities and resources required to manage this transaction. Azalea's management team has extensive experience in and institutional knowledge of private equity, in addition to experience structuring private equity CFO transactions. The interests of the sponsor Astrea Capital 9 and bondholders are strongly aligned, as the sponsor holds the entire equity stake (approximately 52% of NAV) in Astrea 9. The sponsor previously took voluntary actions - beyond what was required by the transaction documents - on some other Astrea deals to support senior bonds during market volatility. Fitch does not rely on any such support, but the historical record is viewed as incrementally positive. **Ratings Linked to Eligible Investments and Eligible Banker's Guarantee Providers:** Funds in reserves accounts for the benefit of the class A-1 and A-2 bonds will be invested in securities or bank deposits, or cash balances will be replaced by eligible banker's guarantees, as specified in the transaction documentation. As these investments can have long-dated maturities and could have a material impact on the performance of the rated bonds, the ratings of the class A-1 and A-2 bonds will be capped at and linked to the ratings of investments in the reserves accounts. If the ratings of eligible investments in the reserves accounts or the ratings of the eligible banker's guarantee providers are downgraded below the rating levels of the class A-1 and A-2 bonds at a future date, a corresponding downgrade to the ratings of the class A-1 and A-2 bonds could occur, absent mitigating actions. At launch, these investments and eligible banker's guarantee providers are expected to be rated at the same level or higher than the ratings of the class A-1 and A-2 bonds, so will not constrain the ratings of the bonds. **Asset Isolation and Legal Structure:** The issuer is structured as a special-purpose, bankruptcy-remote entity. The issuer has 100% of the member interests in the AssetCo, and the assets held by the AssetCo has been transferred to it as a true sale. **Rating Cap:** Fitch has a rating cap at the 'Asf' category for private equity CFO transactions, driven by the less proven nature of the private equity CFO asset class relative to other structured finance asset classes, uncertainty about investment performance and the timing of cash flows, the variability of asset valuations and lags in performance reporting. ### RATING SENSITIVITIES ### Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The class A-1 bond ratings may be downgraded if cash flow materialises at levels lower than modelled in Fitch's stress scenarios. The class A-1 bonds would be fully repaid assuming a 15% distribution haircut, with approximately USD420 million of collateral value remaining in the worst launch year. The class A-1 bonds did not fail any fourth-quartile rating sensitivities. The class A-2 bond ratings may be downgraded if cash flow materialises at levels lower than modelled in Fitch's stress scenarios. The class A-2 bonds would be fully repaid assuming a 15% distribution haircut, with approximately USD100 million of collateral value in the worst launch year. The class A-2 bonds did not fail any fourth-quartile rating sensitivities. The class B PIK bond ratings may be downgraded if cash flow materialises at levels lower than modelled in Fitch's stress scenarios. The class B PIK bonds would be fully repaid assuming a 15% distribution haircut, with approximately USD351 million of collateral value in the worst third-quartile launch year. Fitch does not expect this in the near-term absent a material increase in LTV given the bonds' rating stability in Fitch's ratings sensitivities. A material decline in NAV that, in Fitch's view, would indicate insufficient forthcoming cash distributions to support the bonds could also lead to rating downgrades. The class A-1 and A-2 bonds did not exhibit sensitivity in Fitch's 30% haircut scenario. The class B PIK bonds were resilient in the third-quartile rating sensitivity scenarios and may be downgraded if NAV declines in excess of Fitch's rating sensitivities and/or a material increase in LTV were to materialise. The ratings of the class A-1 and A-2 bonds may be downgraded if they fail Fitch's 'Asf' modelling scenario on a sustained basis. The ratings of the class B PIK bonds may be downgraded if they fail Fitch's 'BBBsf' modelling scenario on a sustained basis. Fitch does not expect this in the near-term absent a material increase in LTV given the bonds' rating headroom to the model-implied results. The ratings of the class A-1 and A-2 bonds may be downgraded if the ratings of any of the eligible investments, bank deposits or banker's guarantees in the reserves accounts are downgraded below 'AA-‌'‌. ### Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Fitch has an 'Asf' category rating cap for PE CFOs. Positive rating sensitivities are therefore not applicable for class A-1 bonds, absent the bonds being fully reserved by eligible investments, bank deposits or banker's guarantees rated 'AA-‌'‌. The rating of the class A-2 bonds may be upgraded if they continue to pass Fitch's 'Asf' modelling scenario, with a larger cushion, and the LTV ratios decrease materially. The rating of the class B PIK bonds may be upgraded if they continue to pass Fitch's 'Asf' modelling scenario, with a larger cushion, and the LTV ratios decrease materially. However, material deleveraging is not expected in the near term given the PIK coupon of the bonds. ### 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 As the timing and size of the cash flow is uncertain, Fitch used historical alternative investment fund performance data from a well-known third-party data provider. This data covers all performance quartiles of the various fund strategies and vintages ranging from 1990 to 2025 and was used to model expected distributions, capital calls and NAVs of the underlying funds. ### 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. ### REPRESENTATIONS, WARRANTIES AND ENFORCEMENT MECHANISMS A description of the transaction's representations, warranties and enforcement mechanisms (RW&Es) that are disclosed in the offering document and which relate to the underlying asset pool was not prepared for this transaction. Offering Documents for this market sector typically do not include RW&Es that are available to investors and that relate to the asset pool underlying the trust. Therefore, Fitch credit reports for this market sector will not typically include descriptions of RW&Es. For further information, please see Fitch's Special Report titled 'Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions'. ### ESG Considerations N/A. Additional information is available on [www.fitchratings.com](http://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 Counterparty Rating Criteria - Effective from November 2023 to June 2026 (pub. 28 Nov 2023)](https://www.fitchratings.com/research/structured-finance/structured-finance-covered-bonds-counterparty-rating-criteria-28-11-2023) - [Structured Finance and Covered Bonds Counterparty Rating Criteria: Derivative Addendum: Effective Nov. 28, 2023 to June 26, 2026 (pub. 28 Nov 2023)](https://www.fitchratings.com/research/structured-finance/structured-finance-covered-bonds-counterparty-rating-criteria-derivative-addendum-28-11-2023) - [Global Structured Finance Rating Criteria - Effective from 18 November 2024 to 5 December 2025 (pub. 18 Nov 2024) (including rating assumption sensitivity)](https://www.fitchratings.com/research/structured-finance/global-structured-finance-rating-criteria-18-11-2024) - [Private Equity Collateralized Fund Obligations Rating Criteria - Effective from January 30, 2025 to 15 May 2026 (pub. 30 Jan 2025) (including rating assumption sensitivity)](https://www.fitchratings.com/research/structured-finance/private-equity-collateralized-fund-obligations-rating-criteria-30-01-2025) - [Foreign-Currency Stress Assumptions for Residual Foreign-Exchange Exposures in Covered Bonds and Structured Finance - Supplementary Data File (pub. 01 Aug 2025)](https://www.fitchratings.com/research/structured-finance/foreign-currency-stress-assumptions-for-residual-foreign-exchange-exposures-in-covered-bonds-structured-finance-supplementary-data-file-01-08-2025) ### APPLICABLE MODELS Numbers in parentheses accompanying applicable model(s) contain hyperlinks to criteria providing description of model(s). PE CFO CF Model, v1.2.0 ( [1](https://www.fitchratings.com/research/structured-finance/private-equity-collateralized-fund-obligations-rating-criteria-30-01-2025)) ### ADDITIONAL DISCLOSURES - [Dodd-Frank Rating Information Disclosure Form](https://www.fitchratings.com/research/structured-finance/fitch-assigns-astrea-9-pte-ltd-final-ratings-08-08-2025/dodd-frank-disclosure) - [Solicitation Status](https://www.fitchratings.com/research/structured-finance/fitch-assigns-astrea-9-pte-ltd-final-ratings-08-08-2025#solicitation-status) - [Endorsement Policy](https://www.fitchratings.com/research/structured-finance/fitch-assigns-astrea-9-pte-ltd-final-ratings-08-08-2025#endorsement-policy) ### ENDORSEMENT STATUS | | | | --- | --- | | Astrea 9 Pte. Ltd. | UK Issued, EU Endorsed | [Fund Finance](https://www.fitchratings.com/fund-asset-managers/fund-finance) [Fund and Asset Managers](https://www.fitchratings.com/fund-asset-managers) [Structured Finance: Structured Credit](https://www.fitchratings.com/structured-finance/structured-credit) [Structured Finance](https://www.fitchratings.com/structured-finance) [Asia-Pacific](https://www.fitchratings.com/region/asia-pacific) [Singapore](https://www.fitchratings.com/region/singapore)