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 periodic 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.

Periodic 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 periodic review for Andor SPV S.r.l. on 13 December 2024. The credit ratings remain as follows:

Class A (ISIN IT0005573834), EUR 103.5m outstanding: BBB+_SF

Class B (ISIN IT0005573842), EUR 40.0m outstanding: not rated

Class J (ISIN IT0005573859), EUR 5.0m outstanding: not rated

The review was conducted considering available servicer reports, payment reports and investor reports up to October 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 periodic review include realised profitability on closed positions and assets sold in auction, 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 and the liquidity protection.

The transaction has outperformed expectations thus far, particularly in terms of the timing of collections. As of the October 2024 payment date, gross collections were 209% of the business plan projection, at EUR 126.7m. The pace of collections is also above Scope’s initial expectations. Structurally, because of the faster than expected pace of collections, the deferral trigger of the mezzanine coupon has not been triggered. The liquidity reserve is at its target level. Scope has also assessed the recent developments in Intrum AB's refinancing process with its creditors and does not foresee any imminent impact on Italian operations. Scope will continue to monitor developments closely, particularly following a final agreement with creditors.

The methodologies applicable for the reviewed ratings (General Structured Finance Rating Methodology, 6 March 2024; Non-Performing Loan ABS Rating Methodology, 2 August 2024; Counterparty Risk Methodology, 10 July 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 Stefano Bracchi, Specialist

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