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 of Aquisgran, FT on 30 January 2024. The credit rating remains as follows:

Series A notes (ISIN ES0305566012), up to EUR 150,000,000: rated A+_SF

Aquisgran is a revolving cash securitisation of a loan portfolio ramping up to EUR 150m. The loans are being underwritten by the SGRs and granted by Aquisgran Finance to Spanish small- and medium enterprises (SMEs) and self-employed borrowers. Each underwritten loan is 100% guaranteed by the underwriting Sociedad de Garantía Recíproca (SGR) and by a 75% counter guaranteed by the Compañía Española de Reafianzamiento, S.A. (CERSA). SGRs are regional non-profit financial entities, subject to the control and regulation of the Bank of Spain which aim to promote access to finance for SMEs and self-employed. The notes benefit from credit enhancement and liquidity via a cash reserve fully funded by the SGRs. The transaction closed on 8 June 2021 and its final legal maturity is 26 November 2050.

The review was conducted based on available collateral reports and payment reports up to December 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 action connected with this monitoring note along with the associated rating history can be found on www.scoperatings.com.

Key rating factors

The transaction is in its revolving phase and will enter its amortisation period following the June 2024 payment date, subject to extension of the revolving period. As of December 2023, the notes have been issued for 86% of their maximum amount. The current securitised portfolio is in line with the single-asset and portfolio-level eligibility criteria and no triggers were breached to stop the purchase of further assets. Credit enhancement is unchanged since closing and the cash reserve is at target.

The methodologies applicable for the reviewed rating (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 Leonardo Scavo, Senior Specialist

© 2024 Scope SE & Co. KGaA and all its subsidiaries including Scope Ratings GmbH, Scope Ratings UK Limited, Scope Fund Analysis GmbH, and Scope ESG Analysis GmbH (collectively, Scope). All rights reserved. The information and data supporting Scope’s ratings, rating reports, rating opinions and related research and credit opinions originate from sources Scope considers to be reliable and accurate. Scope does not, however, independently verify the reliability and accuracy of the information and data. Scope’s ratings, rating reports, rating opinions, or related research and credit opinions are provided ‘as is’ without any representation or warranty of any kind. In no circumstance shall Scope or its directors, officers, employees and other representatives be liable to any party for any direct, indirect, incidental or other damages, expenses of any kind, or losses arising from any use of Scope’s ratings, rating reports, rating opinions, related research or credit opinions. Ratings and other related credit opinions issued by Scope are, and have to be viewed by any party as, opinions on relative credit risk and not a statement of fact or recommendation to purchase, hold or sell securities. Past performance does not necessarily predict future results. Any report issued by Scope is not a prospectus or similar document related to a debt security or issuing entity. Scope issues credit ratings and related research and opinions with the understanding and expectation that parties using them will assess independently the suitability of each security for investment or transaction purposes. Scope’s credit ratings address relative credit risk, they do not address other risks such as market, liquidity, legal, or volatility. The information and data included herein is protected by copyright and other laws. To reproduce, transmit, transfer, disseminate, translate, resell, or store for subsequent use for any such purpose the information and data contained herein, contact Scope Ratings GmbH at Lennéstraße 5 D-10785 Berlin.