Riviera NPL S.r.l. (Riviera) is a static cash securitisation of secured and unsecured non-performing loans (NPLs) extended to companies and individuals in Italy with an original gross book value (GBV) of EUR 963.3m. The portfolio is serviced by Italfondiario S.p.A. as special servicer and by Credito Fondiario S.p.A. as master and special servicer. The transaction closed on 17 December 2018, with its legal maturity falling in July 2036.

Credito Fondiario S.p.A. is carrying out an internal reorganisation of the structure of Credito Fondiario Banking Group, which will result in the separation of the banking business from the debt servicing business. Following this reorganisation, the activities related to the performance of the master servicing and special servicing activities are expected to be transferred from Credito Fondiario S.p.A. to Credito Fondiario Master Servicer and Credito Fondiario Special Servicer, two newly incorporated companies.

The transfer will be executed to comply with the requirements of a permitted reorganisation under Riviera’s servicing agreement and will be subject to the prior obtainment of all required authorisations and consents from the competent supervisory authorities. The new prospective servicing setup will be structured to keep unchanged the current structure of the existing servicers, including management, employees, and IT systems allocated for Riviera servicing activities.

Scope’s analysis only covers the credit impact associated with the proposed amendments described above. Scope has not addressed other non-credit related effects that may be relevant for investors and/or counterparties when assessing the impact of said amendments.

This announcement does not constitute a rating action nor indicates the likelihood of a credit rating action in the short term. The latest information on the credit ratings of Riviera NPL S.r.l. along with the associated rating history can be found on www.scoperatings.com.

The methodologies applicable for the reviewed rating (Non-Performing Loan ABS Rating Methodology, 9 September 2020; Methodology for Counterparty Risk in Structured Finance, 8 July 2020; General Structured Finance Rating Methodology, 14 December 2020) are available on https://www.scoperatings.com/#!methodology/list.
This monitoring note is issued by Scope Ratings GmbH, Lennéstraße 5, D-10785 Berlin, Tel +49 30 27891-0.
Lead analyst Martin Hartmann, Associate Director

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