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      No rating impact on 2Worlds rated notes after special servicer replacement – Italian NPL
      FRIDAY, 11/07/2025 - Scope Ratings GmbH
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      No rating impact on 2Worlds rated notes after special servicer replacement – Italian NPL

      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 2Worlds S.r.l.

      2Worlds S.r.l. is a static cash securitisation of secured and unsecured non-performing loans (NPLs) extended to companies and individuals in Italy. The loans were originated by Banco di Desio e della Brianza S.p.A. (‘Originator’) and Banca Popolare di Spoleto S.p.A (currently merged with Originator). The transaction closed on 25 June 2018 and the legal maturity is in January 2037.

      2Wolrds S.r.l. with effect from the 1st August 2025 replaced Cerved Credit Management S.p.A. (‘Cerved’) in its roles of special servicer with Phoenix Asset Management S.p.A. (‘PAM’) while Cerved Master Services S.p.A will remain the master servicer, based on the documentation made available to Scope.

      Under a general amendment agreement Cerved has agreed to collaborate with PAM in executing a defined migration plan for the onboarding of the new special servicer.

      The transaction structure and servicer fees will remain unchanged compared to those at closing.

      Scope’s analysis only covers the credit impact associated with the replacement agreement 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 agreement.

      This announcement does not constitute a rating action nor indicates the likelihood of a credit rating action in the short term. The latest information on the credit ratings in this monitoring note along with the associated rating history can be found on www.scoperatings.com.
       

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