European CMBS issuance accelerated in 2025 to EUR 8.7bn, almost 75% higher than the previous three years combined. We expect the momentum to continue, driven by the growing role of private credit in CRE financing and sustained demand for securitisation.

The rating reflects expected synergies from the vertical integration of Beton Plus and a solid real estate portfolio. Small scale, high concentration risk, limited liquidity, high leverage and limited ability to deleverage are constraints.

Our 2026 base case for credit is defined by a resilient economy and tight labour markets. Transaction performance will be supported by an easing in lending and refinancing conditions and robust securitisation structures will support rating stability.

Class A notes have been fully repaid.

Class A notes have been fully repaid.

Class C notes have been fully repaid.

Scope has ceased analytical coverage on Banca Popolare di Sondrio at the client’s request.

The underlying portfolio is composed of residential mortgage loans originated by five Irish residential mortgage lenders and serviced by Mars Capital.

The EUR 608.0m closing underlying portfolio, as of September 2025, of payroll-deductible loans was originated to individual borrowers by IBL Banca.

The rating action is driven by weaker interest cover ratio, occupancy rates and weighted average lease term which has led to a downward revision of the issuer rating.