Aragorn NPL 2018 S.r.l. is a static cash securitisation of secured and unsecured non-performing loans extended to companies and individuals in Italy worth around EUR 1.6bn by gross book value. The loans were originated by Credito Valtellinese S.p.A. and Credito Siciliano S.p.A.. The transaction closed on 14 June 2018 and the legal maturity is in July 2038.

Aragorn NPL 2018 S.r.l., with effect from the 30th of June 2024, replaced Special Gardant S.p.A. and Cerved Credit Management S.p.A. in their role of special servicer with Fire S.p.A., based on the documentation made available to Scope.

Gardant S.p.A. and Cerved Management S.p.A. will continue to fulfil all obligations under the servicing agreement until the 30th of June 2024. For six months after the effective replacement date, Gardant S.p.A. and Cerved Management S.p.A will cooperate with Fire S.p.A. to perform obligations under the new servicing agreement.

The transaction structure will remain unchanged compared to the one at closing.

Scope’s analysis only covers the credit impact associated with the replacement agreement described above. Scope 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.

Potential conflicts
See www.scoperatings.com under Governance & Policies/Regulatory for a list of potential conflicts of interest disclosures related to the issuance of Credit Ratings, as well as a list of Ancillary Services and certain non-Credit Rating Agency services provided to Rated Entities and/or Related Third Parties. 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.