Scope Ratings has published the performance overview of notes issued by Marzio Finance, a EUR 10bn securitisation programme backed by ‘cessione del quinto’ and ‘delegazione di pagamento’ (CQS) loans originated by IBL Banca.

The withdrawal follows Scope’s decision to cease analytical coverage due to business reasons.

Class A notes have been fully redeemed.

The Outlook change reflects the current pressure on credit metrics and the significant increase in short-term debt which has resulted in inadequate liquidity.

Safety-related production problems at Boeing Co. are delaying the normalisation of the aviation finance sector, partly to the benefit of aircraft-leasing companies, as post-pandemic demand for air travel grows faster than the supply of aircraft.

Class C has been fully redeemed.

Scope downgrades the class A notes issued by Iseo SPV S.r.l., a static cash securitisation of Italian non-performing loan receivables, following a monitoring review.

Scope downgrades the notes issued by BCC NPLs 2019 S.r.l., a static cash securitisation of Italian non-performing loan receivables, following a monitoring review.

A firmly declining debt trajectory and favourable medium-term growth prospects drive the Outlook revision. Low economic diversification and adverse demographic trends are the main credit constraints.

The periodic review has resulted in no rating action.