ARTedyX External SPV

Where appropriate, notes may be structured for a target above BBB- under Fitch criteria. Any outcome remains subject to Fitch’s own analysis, criteria, assumptions, and final committee decision.

The credits we are looking to rate are the bond notes issued by the SPV and backed by performing pools such as SME loans, consumer receivables, auto loans, leasing receivables, credit card receivables, and unsecured consumer loans. The objective is to combine performing collateral, credit enhancement, liquidity support, and a simple payment waterfall so the notes can meet institutional standards.

• Collateral focus: performing and granular asset pools with diversified obligors
• Structural features: over-collateralisation, liquidity reserve, coverage tests, and priority of payments
• Reporting discipline: pool factors, stratifications, arrears, defaults, recoveries, and cash waterfall reporting
• Approach: note outcomes depend on collateral quality, structure, servicing, data integrity, and applicable Fitch criteria

Recent Fitch European ABS publications include the European ABS Comparator dated February 2026, the European Auto ABS Performance Monitor: 1Q26, and the European Credit Card and Unsecured Loan Performance Monitor: 1Q26. Fitch also published the related releases “Stable Arrears Protect European Auto ABS Against Near-Term Risk” and “European Credit Card and Unsecured Consumer Loan ABS Performance Remains Steady”.