EthiFinance Rating ("EthiFinance and/or the Agency") assigns for the first time a BBB rating to AQUA 2020, FT. The initial rating determined is for a Financial Instrument previously placed on the market. AQUA 2020, Securitization Fund (the "Issuer" or the "Fund"), is a vehicle constituted in November 2020 under Spanish legislation, which constitutes a separate patrimony, opened both by the asset (of a renewable and expandable nature) and by the liability (through the successive issuance of securities). The objective of the Fund is to obtain financing and liquidity through the issuance of Bonds. The collateral is composed of Credit Rights originated and assigned to the Fund by CREALSA INVESTMENT SPAIN, S.A. (hereinafter "CREALSA") or entities of the same Group.