Announcements

    Drinks

      Scope has completed the monitoring review for Yoda SPV S.r.l. - Italian NPL ABS

      MONDAY, 08/07/2024 - Scope Ratings GmbH
      Download PDF

      Scope has completed the monitoring review for Yoda SPV S.r.l. - Italian NPL ABS

      No action has been taken on Class A notes issued by Yoda SPV S.r.l. following the monitoring review.

      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 Yoda SPV S.r.l. on 3 July 2024. The credit ratings remain as follow:

      Class A (ISIN IT0005429169), EUR 514.6m outstanding: BBBSF

      Class B (ISIN IT0005429201), EUR 210.0m outstanding: Not rated

      Class J (ISIN IT0005429219), EUR 20.0m 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

      Rating factors assessed during the monitoring review include realised profitability on closed positions, the timing of cumulative collections and the amount of recovery expenses, against Scope’s expectations. The rating also considered Italy´s macro-economic outlook, the issuers’ exposure to key counterparties, the legal and structural protection provided to the notes, the liquidity protection and the interest rate hedging agreement.

      As of April 2024 payment date, aggregate gross collections stood at EUR 694.0m, representing 41.8% of the last updated business plan. The transaction has shown a relatively stable performance since the last review conduct on 3 October 2023 continuing recording a better timing, but with lower property sales discount compared to Scope original assumption. The Class A notes amortised faster than Scope original expectation reducing senior costs over time and creating a cushion over the interest rate cap notional. Class A notes liquidity position remains stable and the liquidity reserve at target, 4.0% of Class A notes outstanding balance. Structurally, because of the faster than expected pace of collections, the deferral trigger of the mezzanine coupon has not been triggered yet, as initially anticipated by Scope, and may continue divert funds from Class A principal repayment.

      The methodologies applicable for the reviewed rating (General Structured Finance Rating Methodology, 6 March 2024; Non-Performing Loan ABS Methodology, 3 August 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 Davide Nesa, Senior Director

      © 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.

      Related news

      Show all
      Covered Bond Quarterly: Steady sailing over the summer with few clouds on the horizon

      18/7/2024 Research

      Covered Bond Quarterly: Steady sailing over the summer with ...

      Scope Ratings publishes new RMBS Rating Methodology following call for comments

      17/7/2024 Research

      Scope Ratings publishes new RMBS Rating Methodology following ...

      Scope has completed the monitoring review for the Series 2022-308 notes issued by SPIRE SA

      17/7/2024 Monitoring note

      Scope has completed the monitoring review for the Series ...

      Scope has completed the monitoring review for Buonconsiglio 3 S.r.l. - Italian NPL ABS

      15/7/2024 Monitoring note

      Scope has completed the monitoring review for Buonconsiglio 3 ...

      New property value definitions in CRR3 to have notable impact on some mortgage covered bonds

      15/7/2024 Research

      New property value definitions in CRR3 to have notable impact ...

      No rating impact on Red Sea SPV S.r.l. after ReoCo structure implemented - Italian NPL ABS

      11/7/2024 Monitoring note

      No rating impact on Red Sea SPV S.r.l. after ReoCo structure ...