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KBRA Assigns a Rating to Series B Mandatory Redeemable Preferred Shares and Affirms Ratings of the Senior Notes Issued by abrdn Asia-Pacific Income Fund, Inc. (FAX)

NEW YORK--(BUSINESS WIRE)-- KBRA assigns a 'AA-' rating to Series B Mandatory Redeemable Preferred Shares (鈥淢RPS鈥�) issued by abrdn Asia-Pacific Income Fund, Inc. (NYSE: FAX) (鈥淔AX鈥� or the 鈥淔und鈥�). Additionally, KBRA affirms the rating assigned to Series C, D and E Senior Notes. The Outlook on all ratings is Stable.

The ratings continue to be supported by the asset coverage, the credit quality and liquidity of the underlying assets, and the management experience of the Fund's investment adviser, abrdn Asia Limited. As of September 11, 2024, total asset coverage was 330%. The Fund is registered under the Investment Company Act of 1940 and is a non-diversified closed-end investment fund. The Fund had its Initial Public Offering in April 1986, and its shares are listed on the New York Stock Exchange under the symbol FAX. The Fund invests primarily in Asia Pacific debt securities.

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Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located .

Information on the meaning of each rating category can be located .

This credit rating is endorsed by Kroll Bond Rating Agency Europe Limited for use in the European Union and by Kroll Bond Rating Agency UK Limited for use in the UK. Information on a credit rating鈥檚 endorsement status is available on its rating page at KBRA.com.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at .

There are certain issuers, entities or transactions rated by KBRA Europe or KBRA UK that may be or have relationships with Shareholders and/or Shareholder-Related Companies, as that term is defined in KBRA鈥檚 Shareholder and Shareholder Related Companies for KBRA Europe and KBRA UK Policy and Procedure. Relevant disclosure information may be found .

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1006232

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Analytical Contacts

Aleksandra Zhirkova, Analyst (Lead Analyst)

+1 646-731-1213

[email protected]

Danica Rakic, Associate Director

+44 20 8148 1012

[email protected]

Thomas Speller, Managing Director, Head of European Funds

+44 20 8148 1025

[email protected]

Gopal Narsimhamurthy, Senior Managing Director, Global Head of Funds Ratings (Rating Committee Chair)

+1 646-731-3392

[email protected]

Business Development Contact

Constantine Schidlovsky, Senior Director

+1 646-731-1338

[email protected]

Source: Kroll Bond Rating Agency, LLC