Rating action

The transaction is a static cash securitisation of an Italian NPL and non-performing leases portfolio worth around EUR 1,312m by gross-book value (’GBV’) of which 1,147m and 165m are allocated to the NPL and non-performing lease portfolio respectively. The NPL portfolio was originated by 74 cooperative banks (‘BCCs’) belonging to the Iccrea Cooperative Banking Group, Banca Ifis S.p.A., Guber Banca S.p.A and Cassa di Risparmio di Asti S.p.A.

The report contains Scope's credit analysis regarding the ratings assigned to the class A and B notes.

This monitoring note does not constitute a rating action nor does it indicate the likelihood of a credit rating action in the short term.

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