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      Scope updates on Itaca SPV S.r.l. following an amendment to the cap confirmation - Italian NPL ABS
      FRIDAY, 19/01/2024 - Scope Ratings GmbH
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      Scope updates on Itaca SPV S.r.l. following an amendment to the cap confirmation - Italian NPL ABS

      The amendment to the cap confirmation to reduce the notional amount of the cap agreement, based on the draft documentation available to Scope, does not in and of itself, result in a rating action or withdrawal of the current ratings of the class A note.

      Itaca SPV S.r.l. is a static cash securitisation of an Italian NPL portfolio with a gross book value of around EUR 1,128m. The portfolio was originated by Unicredit S.p.A. and is serviced by doValue S.p.A. and doNext S.p.A., as special and master servicer.

      Itaca SPV S.r.l. entered into an amendment agreement to the cap confirmation to reduce the notional amount of the cap agreement. The cap collateral account surplus will be part of the issuer available funds to be applied on the payment date falling on January 2024. No other terms of the agreements were 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.

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