The rating reflects expected synergies from the vertical integration of Beton Plus and a solid real estate portfolio. Small scale, high concentration risk, limited liquidity, high leverage and limited ability to deleverage are constraints.

Class A notes have been fully repaid.

Class A notes have been fully repaid.

Class C notes have been fully repaid.

Scope has ceased analytical coverage on Banca Popolare di Sondrio at the client’s request.

The underlying portfolio is composed of residential mortgage loans originated by five Irish residential mortgage lenders and serviced by Mars Capital.

The EUR 608.0m closing underlying portfolio, as of September 2025, of payroll-deductible loans was originated to individual borrowers by IBL Banca.

The rating action is driven by weaker interest cover ratio, occupancy rates and weighted average lease term which has led to a downward revision of the issuer rating.

The underlying portfolio of secured and unsecured NPL loans was originated by Banca Nazionale del Lavoro S.p.A. and is serviced by Prelios Credit Servicing S.p.A.

This publication does not constitute a rating action.