Moody's assigns definitive rating to StatECA Series 2021-1 GBP 211,286,000 Limited Recourse Secured Static Untranched Notes due 2040

Rating Action: Moody's assigns definitive rating to StatECA Series 2021-1 GBP 211,286,000 Limited Recourse Secured Static Untranched Notes due 2040Global Credit Research - 30 Apr 2021London, 30 April 2021 -- Moody's Investors Service ("Moody's") has assigned the following definitive rating to notes issued by StatECA Designated Activity Company:....Series 2021-01: GBP 211,286,000 Limited Recourse Secured Static Untranched Notes due 2040, Assigned Aa2 (sf)RATINGS RATIONALEThe rationale for the rating is based on (i) the set of full guarantees on the portfolio and (ii) the pass through structure of the transaction.The issue proceeds from the Notes will be used to fund the purchase from Barclays Bank PLC (A1/P-1) of a portfolio of loans (the "Loans") each guaranteed by either UK Export Finance, EKF Denmark's Export Credit Agency, or Garantiinstituttet for Eksportkreditt (each a "Guarantor" and each guarantee related to such loans a "Guarantee") which are the Export Credit Agencies respectively from the UK, Denmark and Norway. All Loans incorporated in the portfolio benefit from an irrevocable, unconditional and validly existing Guarantee covering 100% of the payment of principal and interest.Under the terms of the Guarantees, if a borrower fails to pay any guaranteed amount on its due date, Barclays Bank PLC (in its capacity as servicer) ("Barclays") will be responsible for filing a claim in accordance with the provisions of the relevant Guarantee. The Guarantor will then be obliged to pay within the timeframe specified in the relevant Guarantee. The legal final maturity of the Notes is in November 2040, which is approximately 1.4 years after the maturity of the longest loan in the portfolio and beyond the maximum possible time interval between the filing of a claim and receipt of payment from the relevant Guarantors. Therefore all potential claims should be received by the Issuer prior to legal final maturity.The Notes have a pass-through structure. Any amount paid by the borrowers under the Loans, or by the Guarantors under the Guarantees, is distributed to the noteholders.Noteholders are also exposed to operational risk on Barclays in that noteholders have to rely on Barclays' capacity to fulfil its contractual obligations as seller, facility agent and servicer. Under the terms of the transaction documents any proceeds received by Barclays in respect of the Loans or Guarantees will be subject to a daily sweep into the Issuer's accounts.With respect to satisfaction of the eligibility criteria and validity of the transfer of the Guaranteed Loans, Moody's mainly relied on the obligations, investigations, representations and warranties of the Seller and the agents of the Issuer.Moody's analysed the transaction as a pass through of the guarantors rating and considered the weighted average exposure of each guarantor under the various loans when assigning the rating of the Notes. As underlying loans have different amortisation profile, exposure to each guarantor could vary through time.The principal methodology used in this rating was "Moody's Approach to Rating Repackaged Securities" published in June 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1230078. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.Factors that would lead to an upgrade or downgrade of the rating:The notes' performance is sensitive to the changes in the credit quality of the relevant Guarantors. The ratings of the notes will also be sensitive to amortization and early repayments on the underlying loans which will change the amount of relative exposure to each Guarantor.REGULATORY DISCLOSURESFor further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.The analysis focuses on the risks relating to the credit quality of the assets backing the repack and of the counterparties. Moody's generally determines the expected loss posed to noteholders by adding together the severities for loss scenarios arising from either underlying asset default, and if applicable, hedge counterparty risk, each weighted according to its respective probability.Moody's did not use any stress scenario simulations in its analysis.For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.The rating has been disclosed to the rated entity or its designated agent (s) and issued with no amendment resulting from that disclosure.This rating is solicited. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1263068.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating. William Ma Vice President - Senior Analyst Structured Finance Group Moody's Investors Service Ltd. One Canada Square Canary Wharf London E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 Client Service: 44 20 7772 5454 Carole Gintz Associate Managing Director Structured Finance Group JOURNALISTS: 44 20 7772 5456 Client Service: 44 20 7772 5454 Releasing Office: Moody's Investors Service Ltd. 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