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.