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 Alba 12 SPV S.r.l. on 13 May 2024. The credit ratings remain as follow:

Class A1 (ISIN IT0005466112): paid in full 

Class A2 (ISIN IT0005466120), EUR 148.5m outstanding: AAA_SF

Class B (ISIN IT0005466138), EUR 243.8m outstanding: A+_SF

Class J (ISIN IT0005466146), EUR 175.1m outstanding: not rated

The reviews were conducted considering available servicer reports, payment reports and investor report up to April 2024.

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.

Key Rating factors

The transaction has significantly deleveraged. The pool factor as of the review date stands at 50.5%, while the credit enhancement on the outstanding rated notes has increased to 76.6% and 31.5% from 37.5% and 15.9% at closing for the class A2 and class B notes respectively. The securitised portfolio has performed better than that expected by Scope at closing. The cumulative default ratio stands at 1.64%. Leases currently over 90 days past due represent only 0.04% of the outstanding portfolio. Portfolio segmentation is slowly shifting towards more real estate, due to the segment’s slower amortisation. The impact from increasing Euribor is marginal, as around 95% of the assets are linked to the same reference rate as the notes.

The methodologies applicable for the reviewed ratings (General Structured Finance Rating Methodology, 6 March 2024; 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 Martin Hartmann, Director

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. 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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