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 periodic 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 periodic review on its website.

Scope completed the periodic review for Aquisgran, FT on 20 January 2025. The credit rating remains as follows:

Series A notes (ISIN ES0305566012), up to EUR 260,000,000: rated A+_SF

The review was conducted based on available collateral reports and payment reports up to November 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 action connected with this monitoring note along with the associated rating history can be found on www.scoperatings.com.

Key rating factors

As of November 2024, the notes have been issued for 63% of their maximum amount. The securitised portfolio complies with both single-asset and portfolio-level eligibility criteria, with no triggers breached that would prevent the acquisition of additional assets. The cumulative default ratio stands at 7.28%, well below the trigger threshold of 20%.

The February 2024 restructuring introduced several key modifications, including a 1.5-year extension of the revolving period, an increase in the program size to EUR 260 million from EUR 150 million, and a reduction in the cash reserve to 14% from 17.5% of the outstanding portfolio. Furthermore, adjustments were made to the portfolio eligibility criteria and concentration limits.

The methodologies applicable for the reviewed rating (General Structured Finance Rating Methodology, 6 March 2024; Counterparty Risk Methodology, 10 July 2024; SME ABS Rating Methodology, 16 May 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 Leonardo Scavo, Associate Director

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