The rating on a Credit-Linked Note (‘CLN’)/ Repackaging Vehicle (‘Repack’) is based on an analysis of the CLN/Repack issuer’s underlying securities and liabilities, counterparties and the transaction’s structure. The rating addresses timely payment of interest and principal unless one of the underlying Reference Entities has defaulted. A default is deemed to have occurred when a payment has been missed or the Reference Entity has become subject to insolvency proceedings. This Criteria does not apply to senior secured securities issued by corporates that benefit from certain structural enhancements.