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23/9/2022 Rating announcement
Scope affirms the Republic of Malta's credit ratings at A+ and maintains the Stable Outlook
Strong growth potential, prudent fiscal policy management and robust external position are key credit strengths. Externally dependent resource-constrained economy, contingent fiscal risks and institutional shortcomings represent challenges.
23/9/2022 Rating announcement
Scope downgrades class A notes of BCC NPLs 2019 S.r.l. - Italian NPL ABS
Scope Ratings GmbH (Scope) downgrades class A notes and affirms class B notes issued by BCC NPLs 2019 S.r.l. following a performance review.
22/9/2022 Monitoring note
Scope has completed a monitoring review of EFL Lease ABS 2021-1 DAC - SME Auto & Equipment leasing
No action has been taken following the monitoring review.
22/9/2022 Rating announcement
Scope assigns AAA(SF) to Series 9-2022 Class A of IBL’s Marzio Finance S.r.l. – Italian CQS ABS
Scope Ratings GmbH (Scope) has assigned a final rating to the Series 9-2022 Class A notes issued by Marzio Finance S.r.l., a static cash securitisation of a EUR 352.7m portfolio of payroll-deductible loans extended by IBL Banca to individuals in Italy.
22/9/2022 Research
Italian NPL collections: May-July volumes stable but recovery strategies have changed
Collections on Italian NPL securitisations fell 24% in July versus June but rose 7% year on year. Volumes in the May-July quarter have been stable since 2020 – EUR 459.9m, EUR 463.8m in 2021 and EUR 459.3m this year – but recovery strategies have changed.
22/9/2022 Research
European utilities: liquidity improves; Uniper nationalisation, guarantees show state support vital
Europe’s power utilities can put the summer’s liquidity crunch behind them as pressures ease in energy markets, but, with prices still high, state support, most visible in Germany’s planned nationalisation of Uniper, is crucial to avert a market collapse.
21/9/2022 Rating announcement
Scope downgrades class B and affirms A issued by FT RMBS Prado IX - Spain RMBS
The notes are issued by FT RMBS Prado IX, a static EUR 488m cash securitisation of prime residential mortgage loans provided to individual borrowers and originated by UCI.
21/9/2022 Rating announcement
Scope affirms BB-/Stable issuer credit rating on Hungarian tyre wholesaler MARSO
The affirmation reflects MARSO’s adequate financials after the completion of the logistics centre in Dunaharaszti amid challenging market conditions.
21/9/2022 Research
Introducing a stress-test based approach to integrating climate-change risk into structured finance
Integrating ESG factors into credit assessments is far from being standardised and market participants appear uncertain about best practices. Climate change is a key area of focus, as it strongly affects business activities across different geographies.