Announcements

    Drinks

      No rating impact on Yoda SPV Srl after amendments to transaction documents - Italian NPL ABS

      FRIDAY, 29/10/2021 - Scope Ratings GmbH
      Download PDF

      No rating impact on Yoda SPV Srl after amendments to transaction documents - Italian NPL ABS

      Scope Ratings GmbH (Scope) announces that certain proposed amendments to the transaction documents will not, in and of themselves, result in a rating action or withdrawal of the current ratings of the class A notes.

      The transaction is a static cash securitisation of an Italian NPL portfolio with a gross book value of EUR 6,033m at closing and originated by Intesa Sanpaolo S.p.A. The special servicer is Intrum Italy S.p.A.

      Scope’s announcement addresses the credit impact of the amendments to certain transaction documents. The amendments include:

      • Updated language requires a minimum of 20% of special servicer fees be deferred during a GACS Special Servicer Underperformance Subordination Event. This event is triggered when the cumulative collections ratio (CCR) drops below 90%.
         
      • Modified defined terms and definitions in the servicing agreement and the intercreditor agreement.

      The amended agreements were signed on 27 October 2021.

      Scope’s analysis only covers the credit impact associated with the amendments described above. Scope Ratings 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 in this monitoring note along with the associated rating history can be found on www.scoperatings.com.

      Related news

      Show all
      Scope rates Polish auto lease notes to be issued by Vehis Auto Leasing 2025 DAC

      27/6/2025 Rating announcement

      Scope rates Polish auto lease notes to be issued by Vehis ...

      Scope rates UK synthetic SME ABS notes issued by Colossus 2025-1 of Santander UK plc

      26/6/2025 Rating announcement

      Scope rates UK synthetic SME ABS notes issued by Colossus ...

      Scope downgrades class A notes issued by Buonconsiglio 3 S.r.l. - Italian NPL ABS

      26/6/2025 Rating announcement

      Scope downgrades class A notes issued by Buonconsiglio 3 ...

      Scope rates Italian CQS notes issued by Marzio Finance S.r.l.

      25/6/2025 Rating announcement

      Scope rates Italian CQS notes issued by Marzio Finance S.r.l.

      Scope rates Spanish auto loan notes issued by Autonoria Spain 2025, Fondo de Titulización

      25/6/2025 Rating announcement

      Scope rates Spanish auto loan notes issued by Autonoria Spain ...

      Italian NPL collections: May sees monthly rise but sharp decline to three-year average

      25/6/2025 Research

      Italian NPL collections: May sees monthly rise but sharp ...