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 methodology/ies, including key rating assumptions and model(s). Scope publicly announces the completion of each periodic review on its website.

Scope completed the periodic review for series 2022-1 notes issued by CiMA Finance DAC on 21 January 2025. The credit ratings remain as follows:

Secured loan participation notes (ISIN XS2458268187), up to EUR 1,000.0m: rated BBB-

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 in Scope’s last rating action release dated 29 November 2023. Scope’s analysis was based on investor reporting as of January 2024 payment date. As of January 2024, the portfolio comprised six project finance loans. In December 2024, the grantor has withdrawn in whole one underlying loan from the participation against payment of nominal amount of the participated portion of the withdrawn underlying loan, together with any accrued but unpaid interest in relation to the participated portion of the underlying loan. The transaction has performed in line with Scope’s expectation with no missed payment of the notes’ coupon or principal to date.

The methodologies applicable for the reviewed rating (General Structured Finance Rating Methodology, 6 March 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 Martin Hartmann, Director
 
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