Increased credit enhancement from solid reference portfolio performance increase the instruments' resilience to portfolio losses; Senior Risk Cover was fully released; Full Upper Mezzanine Risk Cover release without losses expected for 2021.

Increased credit enhancement from solid reference portfolio performance increase the instruments' resilience to portfolio losses; COVID-19 will impact the Spanish economy negatively but is expected to have only a marginal effect on the rated instruments.

Scope Ratings has reviewed the performance of the SME Initiative Uncapped Guarantee Instruments (SIUGI) Senior Risk Cover and Upper Mezzanine Risk Cover, issued under the European Investment Bank Group’s Spanish SME initiative.

Scope Ratings (Scope) has reviewed the performance of the SME Initiative Uncapped Guarantee Instruments (SIUGI) Senior Risk Cover and Upper Mezzanine Risk Cover, issued under the European Investment Bank Group’s Spanish SME initiative.

Scope Ratings publishes the rating report for EIB’s Spanish SME initiative, a synthetic risk-sharing transaction of secured and unsecured credits to Spanish SMEs and self-employed individuals, originated by nine Spanish originators and managed by the EIF.

Final ratings assigned to the SME Initiative Uncapped Guarantee Instruments Senior Risk Cover and Upper Mezzanine Risk Cover, a bespoke EU-sponsored risk transfer transaction referencing 50% of a EUR 5,522m portfolio of Spanish SME credit rights.