Rating actions and SD status reflect both tender on senior unsecured bonds and ongoing disagreement between the company and creditors around acceleration clause triggered by noteholders under the terms of the bond indenture.

The underlying portfolio of secured and unsecured NPL loans was sold by illimity Bank S.p.A., and is serviced by Cerved Credit Management S.p.A.

The affirmation reflects the expected stabilisation in credit metrics thanks to the sharp decline in interest rates but still constrained by risks from the exposure to floating interest rates.

This publication does not constitute a rating action.

The rating affirmation highlights strong operational performance and sustained growth, supported by a robust financial risk profile; revision of Outlook reflects increased refinancing risks stemming from substantial upcoming bond maturities.

The affirmation reflects resilient performance and steady growth, supported by a solid financial risk profile and despite an expansion strategy expected to increase pressure on cash flow and liquidity.

The downgrade reflects elevated refinancing risk from approaching maturities, adding pressure on GTC’s liquidity profile.

The EUR 606.4m underlying portfolio of SME loan receivables was originated to SME borrowers operating pharmacies by Banca Credifarma S.p.A.

This publication does not constitute a rating action.

This publication does not constitute a rating action.