ARC Ratings, S.A. (ARC) has downgraded the final, long-term public ratings previously accorded to the Guaranteed Floating Rate Notes issued by GLQC S.Á.R.L and GLQL S.Á.R.L to ‘BBB(sf)’ from ‘A+(sf)’, both with stable outlook. ARC has downgraded the ratings accorded on 8 July 2019 due to the deterioration in credit quality of the portfolio provided since the inclusion of additional Acceding Issuers, and due to the lower levels of credit enhancement (CE) provided to the transaction structure. This press release should be read in conjunction with the press releases for ELQ Investors II Ltd. and ELQ Investors VI Ltd., Mercer Investments  (Singapore) Pte. Ltd. and Austreo Commercial Ventures Pty Ltd. published 17 October 2019 and available at www.arcratings.com.