Announcements

    Drinks

      No rating impact on Ibla S.r.l.'s class A notes after special servicer replacement - Italian NPL ABS

      TUESDAY, 03/06/2025 - Scope Ratings GmbH
      Download PDF

      No rating impact on Ibla S.r.l.'s class A notes after special servicer replacement - Italian NPL ABS

      Scope Ratings GmbH (Scope) announces that the special servicer's replacement does not, in and of itself, result in a Rating Action or withdrawal of the current rating of the class A notes issued by Ibla S.r.l.

      Ibla S.r.l. is a static cash securitisation of secured and unsecured non-performing loans extended to companies and individuals in Italy worth around EUR 349m by gross book value. The loans were originated by Banca Agricola Popolare di Ragusa S.C.p.A. The transaction closed on 6 September 2018 and the legal maturity is in April 2037.

      Ibla S.r.l., with effect from the 3rd of June 2025, replaced doValue S.p.A. in their role of special servicer with Phoenix Asset Management S.p.A., based on the documentation made available to Scope.

      In the six months following the effective replacement date, doValue S.p.A. will cooperate with Phoenix Asset Management S.p.A. to perform obligations under the new servicing agreement.

      Scope’s analysis only covers the credit impact associated with the amendments described above. Scope has not addressed other non-credit related effects that may be relevant for investors and/or counterparties when assessing the impact of said amendments.

      This announcement 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 announcement along with the associated rating history can be found on www.scoperatings.com.

      Related news

      Show all
      Scope has completed the periodic review of Series 2023-295 notes issued by SPIRE SA

      30/7/2025 Monitoring note

      Scope has completed the periodic review of Series 2023-295 ...

      Scope has completed the periodic review of Leviticus SPV S.r.l. – Italian NPL ABS

      30/7/2025 Monitoring note

      Scope has completed the periodic review of Leviticus SPV ...

      Scope has completed the periodic review of Charlotte 2023 Funding plc - UK Project Finance CLO

      28/7/2025 Monitoring note

      Scope has completed the periodic review of Charlotte 2023 ...

      Structured Finance Activity Report: positive ratings drift continues

      28/7/2025 Research

      Structured Finance Activity Report: positive ratings drift ...

      Italian NPL collections: all strategies contribute to 28% decline in first half

      28/7/2025 Research

      Italian NPL collections: all strategies contribute to 28% ...

      Scope has completed a periodic review of FCT Bpifrance SME 2019-1 French SME ABS

      25/7/2025 Monitoring note

      Scope has completed a periodic review of FCT Bpifrance SME ...