The current ratings on the class A and class B are available here and here.

BCC NPLs 2018-2 S.r.l. is a static cash securitisation of an Italian NPL portfolio worth (at closing) around EUR 2,004m by gross book value, and originated by 73 Italian banks. The transaction closed on 20 December 2018.

The cumulative collection ratio stands at 126% of the business plan as of the first interest payment date (31 July 2019). For none of the borrowers the recovery process was fully accomplished during the first collection period. Scope’s review was based on available payment information, the investor and servicer reports as of July 2019, related to the first interest payment date.

Aggregate gross collections since the cut-off date are EUR 31m – all related to open debtors (i.e., debtors for which the recovery process is still ongoing). This figure represents about 3.9% of Scope’s expected lifetime collections considered for the analysis of the class A notes. Half of the proceeds have not been allocated to the relevant type of collection yet, whilst the remainder is mostly represented by judicial collections.

No interest subordination event has occurred. The cumulative collections ratio is above the 80% trigger level.

Counterparty risk to which the transaction is exposed has not materially changed since closing.

Scope will continue to monitor BCC NPLs 2018-2 S.r.l. on an ongoing basis.

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