Siena NPL 2018 S.r.l. is a static cash securitisation of a EUR 24.1bn portfolio (at closing) of Italian non-performing loans originated by Banca Monte dei Paschi di Siena S.p.A., MPS Capital Services Banca per le Imprese S.p.A. and MPS Leasing & Factoring S.p.A. (the latter currently incorporated in Banca Monte dei Paschi di Siena S.p.A.). The portfolio is serviced by four special servicers: Special Gardant S.p.A (previously Credito Fondiario S.p.A), Italfondiario S.p.A., Cerved Credit Management S.p.A (previously Juliet S.p.A.) and Prelios Credit Servicing S.p.A.. Master Gardant S.p.A. (previously Credito Fondiario S.p.A) acts as master servicer.

Prelios S.p.A. is expecting to be acquired by ION group. Prelios Credit Servicing S.p.A., fully owned by Prelios S.p.A, is requesting to the master servicer to waive a specific clause of the special servicing agreement for which such contract can be terminated following the change of ownership of the special servicer. No other terms of the agreements are expected to be modified.

Scope’s analysis only covers the credit impact associated with the agreements 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 agreement.

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.