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 Series 8, 9, 10, 11 and 12 of Marzio Finance S.r.l. on 20 June 2024. The credit rating remains as follows:

Series 8-2020 Class A notes, EUR 52.5m outstanding: AAA_SF

Series 9-2022 Class A notes, EUR 165.6m outstanding: AAA_SF

Series 10-2022 Class A notes, EUR 158.1m outstanding: AAA_SF

Series 11-2023 Class A notes, EUR 196.8m outstanding: AAA_SF

Series 12-2023 Class A notes, EUR 239.1m outstanding: AAA_SF

The review was conducted based on investor reports available up to May 2024 payment date.

Marzio Finance S.r.l. has established a EUR 10bn securitisation programme of notes backed by payroll-deductible loans (CQS) extended to borrowers in Italy and originated by IBL – Istituto Bancario del Lavoro S.p.A. (IBL Banca, BBB by Scope). CQS loans are collateralised by the debtor’s salary or pension and, in most cases, by any accrued severance amount (Trattamento di Fine Rapporto). Instalments cannot exceed the borrower’s net monthly salary or pension by 20% for Cessione del Quinto loans and 50% for Delegazione di Pagameto loans.

Under the programme, several series of notes may be issued, and each series may consist of class A, class B and class J notes. Each series will be issued as an independent transaction, for the purpose of financing the purchase of a static portfolio of receivables originated by IBL Banca.

The notes of each series are backed by segregated, specific and independent pools of loans. Each series under the programme differ from the other series in terms of capital structure, note interest rates, liquidity reserves and additional reserves. All the securitised portfolios are highly granular, and all the underlying loans are insured against life and employment events.

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 key rating drivers remain aligned with those disclosed by Scope in the last rating action release of Series-12 and monitoring note of other series.

The transactions have performed in line with the expectations. The portfolios are deleveraging with low defaults and good recoveries performance. The portfolio yields are high to have sufficient excess spread after deducting notes’ interest payments. Reserves are at target levels providing good liquidity and credit protection.

The methodologies applicable for the reviewed ratings (General Structured Finance Rating Methodology, 6 March 2024; Counterparty Risk Methodology, 13 July 2023; Consumer and Auto ABS Rating Methodology, 4 March 2024) 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 Shashank Thakur, Senior Analyst

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