London, 28 September 2020 – ARC Ratings, S.A (ARC) affirms the final, public ratings of ‘AAA(sf) to ‘BB(sf)’ accorded to the Credit Protection Deed tranches sold by Fitzroy 2018-1 CLO DAC (‘Fitzroy’ and ‘Protection Seller’) to Santander UK PLC (‘Santander’ and ‘Protection Buyer’), all with stable outlooks.

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