<div id="readability-page-1"><div>Fitch Ratings-Paris-11 December 2025:Fitch Ratings has assigned Ares European CLO XVII DAC reset notes final ratings, as detailed below.Ares European CLO XVII DAC----Class A notes XS2698581845; Long Term Rating; Paid In Full; PIFsf----Class A-R Notes XS3224610892; Long Term Rating; New Rating; AAAsf; Rating Outlook Stable----Class B notes XS2698582223; Long Term Rating; Paid In Full; PIFsf----Class B-R Notes XS3224611197; Long Term Rating; New Rating; AAsf; Rating Outlook Stable----Class C notes XS2698582652; Long Term Rating; Paid In Full; PIFsf----Class C-R Notes XS3224611353; Long Term Rating; New Rating; Asf; Rating Outlook Stable----Class D notes XS2698583031; Long Term Rating; Paid In Full; PIFsf----Class D-R Notes XS3224611510; Long Term Rating; New Rating; BBB-sf; Rating Outlook Stable----Class E notes XS2698582819; Long Term Rating; Paid In Full; PIFsf----Class E-R Notes XS3224611783; Long Term Rating; New Rating; BB-sf; Rating Outlook Stable----Class F notes XS2698583205; Long Term Rating; Paid In Full; PIFsf----Class F-R Notes XS3224611940; Long Term Rating; New Rating; B-sf; Rating Outlook Stable----Class X-R Notes XS3224610546; Long Term Rating; New Rating; AAAsf; Rating Outlook StableTransaction SummaryAres European CLO XVII DAC is a securitisation of mainly senior secured obligations (at least 90%) with a component of senior unsecured, mezzanine, second-lien loans and high-yield bonds. Note proceeds have been used to redeem the existing notes (except the subordinated notes) and fund the existing portfolio with a target par of EUR400 million.The portfolio is actively managed by Ares Management Limited. The CLO has a reinvestment period of about 3.8 years and a 7.1-year weighted average life (WAL) test at closing.KEY RATING DRIVERSAverage Portfolio Credit Quality (Neutral): Fitch assesses the average credit quality of obligors in the identified portfolio in the 'B'/'B-' category. The Fitch weighted average rating factor of the identified portfolio is 25.6.High Recovery Expectations (Positive): At least 90% of the portfolio comprises senior secured obligations. The recovery prospects for these assets are more favourable than for second-lien, unsecured and mezzanine assets. The Fitch weighted average recovery rate of the identified portfolio is 60.5%.Diversified Asset Portfolio (Positive): The transaction has various portfolio concentration limits, including a maximum exposure to the three largest Fitch-defined industries at 40%. These covenants ensure that the asset portfolio will not be exposed to excessive concentration.Portfolio Management (Neutral): The transaction includes two matrix sets available at closing, one set of standard closing matrices with a 7.1-year WAL test covenant at closing and one set of extended WAL matrices with an 8.1-year WAL test covenant at closing. Both sets correspond to a top 10 obligor concentration limit of 16% and two fixed-rate asset limits at 5% and 10%. The manager chose at closing the set of matrices that apply. It can switch from the extended WAL matrix set to the standard closing matrix set (subject to conditions) but not the other way round.The transaction has a 3.8-year reinvestment period and includes reinvestment criteria similar to those of other European transactions. Fitch's analysis is based on a stressed case portfolio with the aim of testing the robustness of the transaction structure against its covenants and portfolio guidelines.WAL Step-Up Feature (Neutral): The deal can extend the WAL by one year on the step-up date, one year after closing. The extension will be automatic if the extended WAL matrix set applies. If the standard closing matrix set applies, the WAL extension is subject to conditions, including the satisfaction of all the collateral quality tests and the aggregate collateral balance (defaults at Fitch collateral value) being at least equal to the reinvestment target par amount.Cash Flow Modelling (Positive): The WAL used for the transaction's Fitch-stressed portfolio and matrices analysis is 12 months less than the WAL test covenant, to account for strict reinvestment conditions after the reinvestment period, including the satisfaction of the over-collateralisation test and Fitch's 'CCC' limit tests, plus a linearly decreasing WAL test covenant. These conditions reduce the effective risk horizon of the portfolio during stress periods.RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/DowngradeA 25% increase of the mean default rate (RDR) and a 25% decrease of the recovery rate (RRR) across all ratings of the identified portfolio would have no impact on the class X-R and A-R notes, and lead to downgrades of one notch for the class B-R, C-R, D-R and E-R notes, and to below 'B-sf' for the class F-R notes.Based on the actual portfolio, downgrades may occur if the loss expectation is larger than assumed, due to unexpectedly high levels of default and portfolio deterioration. The class B-R, D-R, E-R and F-R notes have rating cushions of two notches, and the class C-R notes of one notch, due to the better metrics and shorter life of the identified portfolio than the Fitch-stressed portfolio.Should the cushion between the identified portfolio and the Fitch-stressed portfolio be eroded either due to manager trading or negative portfolio credit migration, a 25% increase of the mean RDR and a 25% decrease of the RRR across all ratings of the Fitch-stressed portfolio would lead to downgrades of up to three notches for the class A-R and D-R notes, four notches for the class B-R and C-R notes, and to below 'B-sf' for the class E-R and F-R notes. The class X-R notes would not be downgraded.Factors that Could, Individually or Collectively, Lead to Positive Rating Action/UpgradeA 25% reduction of the mean RDR and a 25% increase in the RRR across all ratings of the Fitch-stressed portfolio would lead to upgrades of up to three notches for the notes, except the 'AAAsf' rated notes, which are at the highest level on Fitch's scale and cannot be upgraded.During the reinvestment period, based on the Fitch-stressed portfolio, upgrades may occur on better-than-expected portfolio credit quality and a shorter remaining WAL test, allowing the notes to withstand larger-than-expected losses for the remaining life of the transaction. After the end of the reinvestment period, upgrades may result from stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread to cover losses in the remaining portfolio.USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action.DATA ADEQUACYAres European CLO XVII DACFitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring.The majority of the underlying assets or risk presenting entities have ratings or credit opinions from Fitch and/or other Nationally Recognized Statistical Rating Organizations and/or European Securities and Markets Authority registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assess the asset portfolio information or information on the risk presenting entities.Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable.REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The principal sources of information used in the analysis are described in the Applicable Criteria. REPRESENTATIONS, WARRANTIES AND ENFORCEMENT MECHANISMS A description of the transaction's representations, warranties and enforcement mechanisms (RW&amp;Es) that are disclosed in the offering document and which relate to the underlying asset pool was not prepared for this transaction. Offering Documents for this market sector typically do not include RW&amp;Es that are available to investors and that relate to the asset pool underlying the trust. Therefore, Fitch credit reports for this market sector will not typically include descriptions of RW&amp;Es. For further information, please see Fitch's Special Report titled 'Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions'.ESG ConsiderationsFitch does not provide ESG relevance scores for Ares European CLO XVII DAC.In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, programme, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. For more information on Fitch's ESG Relevance Scores, visit https://www.fitchratings.com/topics/esg/productsContacts:Surveillance Rating AnalystFrancois Le Roy,Senior Director+33 1 44 29 91 75francois.leroy@fitchratings.comFitch Ratings Ireland Ltd28 avenue Victor HugoParis 75116Committee ChairpersonKate Lin, CFASenior Director+44 20 3530 1706kate.lin@fitchratings.comMEDIA RELATIONS: Athos Larkou, London, Tel: +44 20 3530 1549, Email: athos.larkou@thefitchgroup.comAdditional information is available on www.fitchratings.comApplicable ModelNumbers in parentheses accompanying applicable model(s) contain hyperlinks to criteria providing description of model(s).Global CLO Cash Flow Model, v1.4.1 (1)Portfolio Credit Model, v2.17.1 (1)ADDITIONAL DISCLOSURESDodd-Frank Rating Information Disclosure FormSolicitation StatusAdditional Disclosures For Unsolicited Credit RatingsEndorsement StatusEndorsement PolicyALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 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ARES

Fitch Ratings has assigned final ratings to Ares European CLO XVII DAC reset notes. The ratings include AAAsf for Class A-R and X-R notes, AAsf for Class B-R notes, Asf for Class C-R notes, BBB-sf for Class D-R notes, BB-sf for Class E-R notes, and B-sf for Class F-R notes. The portfolio is managed by Ares Management Limited and includes mainly senior secured obligations. The transaction has a 3.8-year reinvestment period and a 7.1-year weighted average life test at closing.

Fitch Assigns Ares European CLO XVII DAC Reset Notes Final Ratings