Scope finds that Alba 9 SPV S.r.l. exhibits stable performance – Italian SME ABS

Scope Ratings has reviewed the annual performance of Alba 9 SPV S.r.l., which remains stable. No rating action has been taken.

The transaction is comprised of the following instruments:

Series A1 (ISIN: IT0005285231): AAA_SF

Series A2 (ISIN: IT0005285249): AAA_SF

Series B (ISIN: IT0005285256): A+_SF

Series C (ISIN: IT0005285264): BBB-_SF

Scope Ratings has reviewed the performance of Alba 9 SPV S.r.l. and no rating action has been taken. Credit enhancement has increased to: 72.1% for Class A1, 45.9% for Class A2, 29.6% for Class B and 18.3% for Class C. The cumulative observed defaults are 0.96% of the original asset balance. Delinquencies more than 90 days past due represent 0.1% of the non-defaulted assets. The reserve fund remains fully funded and has not yet amortised.

Alba 9 SPV S.r.l. is an EUR 892.8m (EUR 1,113.1m as of closing) cash flow securitisation of lease receivables primarily extended to small- and medium-sized enterprises (SMEs). Alba Leasing S.p.A originated the assets to finance the regular business needs of customers in Italy. The leases relate to transportation assets, equipment, real estate as well as air, naval and rail assets. The transaction closed in October 2017 and the current monitoring used available deal reporting through the 27 September 2018 quarterly payment date.

Scope continuously monitors Alba 9 SPV S.r.l.

Ratings and research are freely available at www.scoperatings.com.