No rating impact on FCT Bpifrance SME 2020-1 following extension of the revolving period - SME ABS

Scope Ratings GmbH (Scope) announces that the extension of the revolving period, along with certain amendments to the transaction documents will not, in and of themselves, result in a Rating Action or withdrawal of the current rating.

The transaction’s documents have been amended to reflect the extension of the revolving period by an additional 18 months, up to December 2025. Other amendments include the update of the cumulative default early-amortisation trigger until February 2025 and thereafter, as well as the modification of some SME loan and portfolio eligibility criteria.

The amendments became effective on 22 May 2024.

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

This announcement 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 announcement along with the associated rating history can be found on www.scoperatings.com.