Scope Ratings GmbH (Scope) monitors and reviews its credit ratings on an ongoing basis and at least annually, or every six months in the case of sovereigns, sub-sovereigns and supranational organisations.

Scope performs monitoring reviews to determine whether material changes and/or changes in macroeconomic or financial market conditions could have an impact on the credit ratings. Scope considers all available and relevant information when undertaking the monitoring review.

Monitoring reviews are conducted by performing a peer comparison, benchmarking against the rating-change drivers, and/or reviewing the credit ratings’ performance over time, as deemed appropriate by the Lead Analyst or Analytical Team Head, in addition to an assessment of all aspects of the relevant methodologies, including key rating assumptions and models. Scope publicly announces the completion of each monitoring review on its website.

Scope completed the monitoring review for Credico Finance 18 S.r.l. on 7 September 2023. The credit ratings remain as follows:

Class A1 (IT0005391096), EUR 0.0m outstanding: withdrawn

Class A2 (IT0005391146): EUR 5.5m outstanding: AAA_SF

Class J (Floating Rate Notes): EUR 229.4m outstanding: not rated

The reviews were conducted considering available payment and investor reports up to July 2023.

This monitoring note does not constitute a credit rating action, nor does it indicate the likelihood that Scope will conduct a credit rating action in the short term. Information about the latest credit rating actions connected with this monitoring note along with the associated rating history can be found on www.scoperatings.com.

Rating factors

The rating continues to be supported by the good observed collateral performance. In addition, the transaction has highly deleveraged since closing, as reflected by the current level of the Class A2 credit enhancement which increased to 102.7% from 46.4% at closing. The ratings also consider the issuers’ exposure to key counterparties, the legal and structural protection provided to the notes and the liquidity protection.

The methodologies applicable for the reviewed ratings and/or rating Outlooks (General Structured Finance Rating Methodology, 25 January 2023; SME ABS Rating Methodology, 16 May 2023; Counterparty Risk Methodology, 13 July 2023) are available on https://scoperatings.com/governance-and-policies/rating-governance/methodologies.
This monitoring note is issued by Scope Ratings GmbH, Lennéstraße 5, D-10785 Berlin, Tel +49 30 27891-0.
Lead analyst Davide Nesa, Director

Potential Conflict
See www.scoperatings.com under Governance & Policies/Regulatory for a list of potential conflicts of interest related to the issuance of Credit Ratings. A member of the Board of Trustees of Scope Foundation has a significant relationship with Société Generale SA, a related third party to this transaction. The Scope Foundation is a 20% shareholder of Scope Management SE, the general manager of Scope SE & Co KGaA (“Scope Group”). Scope Foundation has no financial or economic interest in Scope SE & Co KGaA and the main function of the foundation is to preserve the European identity of the shareholder structure of Scope Group.

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