No rating action on FCT Bpifrance SME 2020-1 following extension of the replenishment period

Scope announces that the extension of the revolving period, along with certain amendments to the transaction documents will not, in and of themselves, result in a rating action or withdrawal of the current ratings.

The transaction´s documents have been amended to reflect the extension of the revolving period by an additional 18 months, up to 27 December 2023. Other amendments include the update of the cumulative default early-amortisation trigger to 4.1% until February 2023, and 7.6% thereafter, as well as the modification of some SME loan and portfolio eligibility criteria.

The amendments were signed on 16 May 2022 and became effective on the same day.

Current rating on the Class A is available here.

Scope’s analysis addresses 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.