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      No rating action on FCT Bpifrance SME 2020-1 following the upsize of the transaction
      WEDNESDAY, 30/11/2022 - Scope Ratings GmbH
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      No rating action on FCT Bpifrance SME 2020-1 following the upsize of the transaction

      Scope announces that the upsize of the transaction and 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 upsize of the liabilities to EUR 3,075.4m from EUR 2,002.3m and extension of the revolving period by an additional 6 months, up to 25 June 2024. Other amendments include the increase of the liquidity reserve to EUR 5.3m to EUR 3.5m - reflecting the same proportion of the liabilities; update of the cumulative default early-amortisation trigger until August 2023 and thereafter, as well as the modification of some SME loan and portfolio eligibility criteria, in addition to a 24 months extension of the final maturity to 25 May 2042 from 25 May 2039.

      The amendments were signed on 21 November 2022 and became effective on 25 November 2022.

      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.

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